Fear and Greed Index: 29 (Fear)
Bitcoin Price: $92,007
BTC/ETH Spot ETF Fund Flow (12.11)
BTC Net Outflow: $34.11 M
ETH Net Outflow: $41.25 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.11)
BTC Net Subscription: 55.1 BTC
ETH Net Subscription: 0 ETH
[The Hong Kong Securities and Futures Commission publicly reprimanded EFG Bank AG for regulatory violations and internal control deficiencies, imposing a fine of HKD 10.85 million. The announcement indicated that the related violations reflect significant shortcomings in risk management and compliance controls, failing to fulfill the regulatory responsibilities expected of a licensed institution.
]( HKD 10.85 million, referring to its regulatory violations and internal control deficiencies
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[]( HKD 10.85 million, referring to its regulatory violations and internal control deficiencies
<p class=)[Hong Kong Cyberport launched the "Blockchain and Digital Asset Pilot Funding Scheme" in June this year, providing development funding support for high-impact, benchmark-potential blockchain and digital asset projects. Li Yizheng, Director of Blockchain and Digital Assets at Cyberport, stated that the first phase of the program received over 200 applications, with 9 companies successfully shortlisted, covering 5 real-world asset tokenization (RWA) companies, 1 payment company, 2 security companies, and 1 smart living company, with the overall asset scale involved in the first phase exceeding HKD 120 million.
]( 9 companies, with a maximum single funding of HKD 500,000
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[]( 9 companies, with a maximum single funding of HKD 500,000
<p class=)[Recently, the Hong Kong Securities and Futures Commission (SFC) held a meeting focusing on the development and regulation of the virtual asset industry and new financial products. The meeting discussed the latest regulatory policy interpretations, compliance standards, and over-the-counter (OTC) regulatory requirements, and delved into the application scenarios of tokenized securities and the development paths of related derivatives.
](<p class=)
[
]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Events in Hong Kong for December
We have specially compiled noteworthy events in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[]( ASIC relaxes licensing requirements for intermediaries in stablecoins and wrapped tokens
The Australian Securities and Investments Commission (ASIC) announced new regulations that will grant "class exemptions" to intermediaries engaged in specific stablecoins and wrapped tokens (secondary market distribution). Under the new arrangement, relevant companies no longer need to apply separately for financial service licenses for such products; they can participate in distribution through "comprehensive accounts" and maintain proper records to conduct business within a compliance framework.
U.S. Congressman Keith Self tweeted that Central Bank Digital Currency (CBDC) is the "ultimate tool" for the government to monitor and control the financial status of every American, granting the federal government unprecedented power to track, restrict, and even freeze transactions, and ignoring the protection of Americans' financial privacy is "unacceptable." Self stated that this is why he voted against the recent National Defense Authorization Act (NDAA).
The UK's Financial Conduct Authority (FCA) stated in a letter to Prime Minister Keir Starmer that stablecoins pegged to fiat currencies such as the U.S. dollar and British pound will become one of the key regulatory targets in the future. This move is part of a broader agenda to promote economic growth in the UK, including the digitalization of financial services, enhancing international trade competitiveness, and expanding loan services to small and micro enterprises. FCA CEO Nikhil Rathi wrote that the FCA plans to "finalize digital asset rules and advance the progress of GBP stablecoins issued in the UK" by 2026, and will support related innovations through regulatory sandboxes and other tools.
Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the list of members for the CEO Innovation Committee, composed of executives from various financial and crypto companies, to discuss the evolution of market structure and innovation paths in the derivatives market.
The Japan Financial Services Agency (FSA) released a report from the Financial Review Council working group, planning to shift the regulatory basis for crypto assets from the current Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which primarily targets investment and securities markets. The proposal aims to strengthen IEO disclosure requirements, mandating the provision of details about issuing entities and token distribution methods, and conducting third-party code audits.
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[](
The Japan Financial Services Agency (FSA) released a report from the Financial Review Council working group, planning to shift the regulatory basis for crypto assets from the current Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which primarily targets investment and securities markets. The proposal aims to strengthen IEO disclosure requirements, mandating the provision of details about issuing entities and token distribution methods, and conducting third-party code audits.
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[
](
The Japan Financial Services Agency (FSA) released a report from the Financial Review Council working group, planning to shift the regulatory basis for crypto assets from the current Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which primarily targets investment and securities markets. The proposal aims to strengthen IEO disclosure requirements, mandating the provision of details about issuing entities and token distribution methods, and conducting third-party code audits.
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[](
The Japan Financial Services Agency (FSA) released a report from the Financial Review Council working group, planning to shift the regulatory basis for crypto assets from the current Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which primarily targets investment and securities markets. The proposal aims to strengthen IEO disclosure requirements, mandating the provision of details about issuing entities and token distribution methods, and conducting third-party code audits.
Ant International, the global payment and digital financial technology platform under Ant Group, is deeply applying artificial intelligence (AI) and blockchain in cross-border payment and risk management scenarios. The Antom Copilot AI agent launched by the company supports merchants in covering the entire lifecycle management of payments and collaborates with Google, Mastercard, and Visa to develop a new generation of AI payment protocols; its Falcon predictive model has processed approximately $15 trillion in transactions, with an accuracy rate of about 90%, reducing foreign exchange costs by approximately 60%, while the accompanying SHIELD risk management system further enhances transaction security.
According to<a href=) monitoring, the U.S. listed company Exodus Movement sold 245 Bitcoins, reducing its total holdings to 1,902; it sold 18,517 SOL, bringing its total holdings to 31,050 SOL.
[]( Bhutan issues gold-backed digital token TER to advance national blockchain strategy
Bhutan is advancing its national blockchain strategy through the gold-backed digital token TER, issued by the Gelephu Mindfulness City special administrative region of Bhutan and supported by the kingdom's sovereign framework, deployed on the Solana blockchain, and issued and custodied by Bhutan's first licensed digital bank, DK Bank. In the first phase, investors can directly subscribe to TER through DK Bank, combining the process of purchasing traditional gold assets with the transparency of on-chain ownership.
The crypto trading platform Gemini has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to obtain "Designated Contract Market" (DCM) status and launched a new prediction market platform, Gemini Titan, with the first products being binary event contracts for "yes/no" bets on future events.
<div class=)[Public Chain Sei announces partnership with Xiaomi Group, new Xiaomi smartphones outside mainland China and the U.S. will come pre-installed with next-generation crypto wallet and discovery applications, providing a one-stop entry for crypto assets to some global users. Sei stated that both parties plan to gradually develop stablecoin payment functions based on this, promoting the application of blockchain in retail scenarios for Xiaomi; at the same time, a global mobile innovation program with a total amount of $5 million will be launched, focusing on markets such as Europe, Latin America, Southeast Asia, and Africa, accelerating the promotion of real-world blockchain applications, allowing millions of users to first encounter cryptocurrency through Xiaomi terminals. The stablecoin payment function is expected to be launched in Hong Kong and the EU in the second quarter of 2026.
]( Partnership with Xiaomi, global users can pre-install crypto wallet applications
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[]( Partnership with Xiaomi, global users can pre-install crypto wallet applications
<span class=)[In-depth & Outlook
[]( Partnering with African payment app Chipper Cash to expand StableChain cross-border stablecoin payments in Africa
Tether-supported payment public chain Stable announced a partnership with the African payment app Chipper Cash. Chipper Cash will integrate StableChain to support stablecoin and other digital asset payments on its platform, optimizing the cross-border payment experience in Africa through low-cost transfers and near-instant settlements.
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[]( Partnering with African payment app Chipper Cash to expand StableChain cross-border stablecoin payments in Africa
Tether-supported payment public chain Stable announced a partnership with the African payment app Chipper Cash. Chipper Cash will integrate StableChain to support stablecoin and other digital asset payments on its platform, optimizing the cross-border payment experience in Africa through low-cost transfers and near-instant settlements.
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[]( Partnering with African payment app Chipper Cash to expand StableChain cross-border stablecoin payments in Africa
Tether-supported payment public chain Stable announced a partnership with the African payment app Chipper Cash. Chipper Cash will integrate StableChain to support stablecoin and other digital asset payments on its platform, optimizing the cross-border payment experience in Africa through low-cost transfers and near-instant settlements.
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[]( Partnering with African payment app Chipper Cash to expand StableChain cross-border stablecoin payments in Africa
Tether-supported payment public chain Stable announced a partnership with the African payment app Chipper Cash. Chipper Cash will integrate StableChain to support stablecoin and other digital asset payments on its platform, optimizing the cross-border payment experience in Africa through low-cost transfers and near-instant settlements.
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]( On the eve of Kwon's trial, $1.8 billion is betting on his sentence
The liquidity efficiency of the crypto market has evolved to its extreme, allowing it to price anything: emotions, bugs, memes… of course, it also includes a person's freedom and a just trial. In the face of such extreme efficiency, moral judgment seems a bit redundant. Do Kwon's future may be spent in sadness in prison, but the crypto market knows no sadness, only volatility that has yet to be priced.
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[]( On the eve of Kwon's trial, $1.8 billion is betting on his sentence
The liquidity efficiency of the crypto market has evolved to its extreme, allowing it to price anything: emotions, bugs, memes… of course, it also includes a person's freedom and a just trial. In the face of such extreme efficiency, moral judgment seems a bit redundant. Do Kwon's future may be spent in sadness in prison, but the crypto market knows no sadness, only volatility that has yet to be priced.
Recently, the central bank and thirteen ministries and seven major industry associations have spoken out, emphasizing the risks of virtual currencies and the regulation of stablecoins. At the recent 2025 Financial Street Forum annual meeting, People's Bank of China Governor Pan Gongsheng emphasized that the central bank will further optimize the management system of the digital yuan and promote its development.
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[Since Solana Mobile launched the first-generation phone Saga and stirred up excitement in the crypto community, discussions about "Web3 mobile terminals" remain marginal in the main narrative of the technology and consumer electronics fields. It feels more like a spontaneous experiment within the crypto circle, failing to truly reach mainstream visibility.
]( Sei's "marriage" with Xiaomi looks at the breakthrough path for Web3 mobile terminals<p class=)
[]( Sei's "marriage" with Xiaomi looks at the breakthrough path for Web3 mobile terminals<p class=)[The world may not see a flood of Bitcoin. NFTs have not fundamentally changed digital ownership. The capital market is slowly gravitating towards blockchain, but at a very slow pace. Besides the U.S. dollar, we have not tokenized too many things.
