Hong Kong Web3 Daily Must-Read: Animoca Brands plans to acquire shares in GROW's licensed institution in Hong Kong, and the Chicago Mercantile Exchange has launched futures contracts for XRP and SOL with spot quotes.
Fear and Greed Index: 16 (Extreme Fear)
Bitcoin Price: $87,611
BTC/ETH Spot ETF Fund Flow (12.16)
BTC Net Outflow: $75.17 M
ETH Net Inflow: 0
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.16)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
[The Hong Kong Securities and Futures Commission has classified the "Hong Kong Stablecoin Exchange" as a suspicious virtual asset trading platform. The Commission pointed out that this entity claims to operate a virtual asset trading platform on its related website, suspected of conducting unlicensed activities and/or engaging in fraud related to virtual assets; it also falsely claims to be jointly established by "the three major exchanges in Hong Kong: HKEX, the Stock Exchange, and the Futures Exchange," which the Commission emphasized is not true.
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[](<p class=)[Animoca Brands has signed a term sheet with the Chinese investment and asset management platform GROW Investment Group, intending to strategically invest in its Hong Kong licensed subsidiary GROW Digital Wealth and related entities (including the licensed asset management institution GROW Asset Management (HK) Limited), with a maximum shareholding of 15%. The transaction still requires the signing of a final agreement and obtaining relevant regulatory approvals.
]( Brands plans to invest in GROW's licensed institution in Hong Kong, with a maximum shareholding of 15%
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[]( Brands plans to invest in GROW's licensed institution in Hong Kong, with a maximum shareholding of 15%
<p class=)[Charles Schwab announced today the latest upgrade to its trading platform, reportedly its retail trading volume has exceeded an average of 7 million trades per day for three consecutive quarters. Customers trading futures at Charles Schwab can now purchase 17 new futures products, including: 1 OZ Gold (/1OZ), Solana (/SOL), and Micro Solana (/MSL).
]( Solana and Micro Solana futures products
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]( Selected Activities in Hong Kong for December
We have specially compiled noteworthy activities 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 Activities in Hong Kong for December
We have specially compiled noteworthy activities 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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[]( FCA Launches Consultation on New Crypto Regulatory Rules
The UK Financial Conduct Authority (FCA) launched a wide-ranging consultation on a series of proposed rules for the crypto industry on December 16. Previously, it was reported that the UK Treasury would bring the crypto industry under a regulatory framework starting in October 2027.
Paul Atkins, Chair of the U.S. Securities and Exchange Commission (SEC), stated during a roundtable meeting of the SEC's crypto working group that he believes there is a path forward that can address national security concerns without sacrificing personal privacy, but excessive government intervention could tip the balance. Atkins warned that if regulatory direction is misguided, cryptocurrencies could become "the most powerful financial surveillance structure in history," turning the ecosystem into a "financial panopticon."
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[]( SEC Chair: Crypto Assets Could Become "Financial Panopticon," Regulation Should Balance National Security and Privacy
Paul Atkins, Chair of the U.S. Securities and Exchange Commission (SEC), stated during a roundtable meeting of the SEC's crypto working group that he believes there is a path forward that can address national security concerns without sacrificing personal privacy, but excessive government intervention could tip the balance. Atkins warned that if regulatory direction is misguided, cryptocurrencies could become "the most powerful financial surveillance structure in history," turning the ecosystem into a "financial panopticon."
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]( SEC Chair: Crypto Assets Could Become "Financial Panopticon," Regulation Should Balance National Security and Privacy
Paul Atkins, Chair of the U.S. Securities and Exchange Commission (SEC), stated during a roundtable meeting of the SEC's crypto working group that he believes there is a path forward that can address national security concerns without sacrificing personal privacy, but excessive government intervention could tip the balance. Atkins warned that if regulatory direction is misguided, cryptocurrencies could become "the most powerful financial surveillance structure in history," turning the ecosystem into a "financial panopticon."
<h3 dir=)
[]( SEC Chair: Crypto Assets Could Become "Financial Panopticon," Regulation Should Balance National Security and Privacy
Paul Atkins, Chair of the U.S. Securities and Exchange Commission (SEC), stated during a roundtable meeting of the SEC's crypto working group that he believes there is a path forward that can address national security concerns without sacrificing personal privacy, but excessive government intervention could tip the balance. Atkins warned that if regulatory direction is misguided, cryptocurrencies could become "the most powerful financial surveillance structure in history," turning the ecosystem into a "financial panopticon."
The Cosmos ecosystem yield optimization Layer 1 Pryzm tweeted that it will gradually cease operations, with a goal to complete by January 2026. The team stated that maintaining Layer 1 is financially unsustainable and advised users to redeem their assets as soon as possible within the next two to three days, with subsequent processes to be phased until closure.
The New York State Retirement Fund has increased its position in Bitcoin financial company Strategy (stock code MSTR) to $50 million.
According to monitoring information from CertiK, the official website of the BSC cross-chain trading platform BiSwap has been found to have a risk of malicious URL infection, with related links potentially redirecting users to gambling sites. Users are advised to avoid accessing the BiSwap official website through searches or unfamiliar links in the near future, and not to connect wallets or sign any authorized transactions. Those who have connected wallets may consider checking and revoking suspicious authorizations to reduce asset risk.
Russia's largest bank, Sberbank, stated that it is testing various decentralized finance (DeFi) products to meet the growing demand for crypto asset trading and holding among customers. Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, stated that the bank will work with regulators to develop digital asset products and believes that traditional financial services and DeFi "will soon merge."
<div class=)[Japanese blockchain infrastructure company Startale Group and Japanese financial group SBI Holdings plan to launch a fully regulated, yen-pegged stablecoin for global settlement and institutional scenarios by the second quarter of 2026.
]( Holdings and Startale to Promote Regulated Yen Stablecoin<p data-zone-id=)
[]( Holdings and Startale to Promote Regulated Yen Stablecoin<p data-zone-id=)[In-Depth & Outlook
]( XRP and SOL Futures Contracts
CME Group announced the launch of XRP and SOL futures contracts priced in spot quotes, supplementing its existing spot-quoted Bitcoin and Ethereum futures products. CME stated that these contracts are priced at spot prices, have longer expiration dates, and can reduce the need for frequent rollovers, with contract sizes being the smallest specification in its crypto product line, aimed at a broader range of retail and professional traders. CME disclosed that spot-quoted Bitcoin and Ethereum futures have accumulated over 1.3 million contracts traded since their launch in June, with demand continuing to grow.
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[]( XRP and SOL Futures Contracts
CME Group announced the launch of XRP and SOL futures contracts priced in spot quotes, supplementing its existing spot-quoted Bitcoin and Ethereum futures products. CME stated that these contracts are priced at spot prices, have longer expiration dates, and can reduce the need for frequent rollovers, with contract sizes being the smallest specification in its crypto product line, aimed at a broader range of retail and professional traders. CME disclosed that spot-quoted Bitcoin and Ethereum futures have accumulated over 1.3 million contracts traded since their launch in June, with demand continuing to grow.
<h3 dir=)[We expect asset valuations to rise in 2026, ending the so-called "four-year cycle" theory, which posits that the crypto market trends follow a repeating four-year pattern. We believe that Bitcoin prices are likely to reach an all-time high in the first half of the year.
]( Digital Asset Outlook for the Year: The Dawn of the Institutional Era<p class=)
[]( Digital Asset Outlook for the Year: The Dawn of the Institutional Era<p class=)[
Perspective
](
This also explains a seemingly contradictory phenomenon: the ban has not disappeared, but mining will still periodically resurface. Not because the red line has loosened, but because the constraints of real assets never stop: electricity, data centers, distribution, depreciation, cash flow, all force participants to repeatedly test the boundaries.
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[](
This also explains a seemingly contradictory phenomenon: the ban has not disappeared, but mining will still periodically resurface. Not because the red line has loosened, but because the constraints of real assets never stop: electricity, data centers, distribution, depreciation, cash flow, all force participants to repeatedly test the boundaries.
<p class=)
[](
This also explains a seemingly contradictory phenomenon: the ban has not disappeared, but mining will still periodically resurface. Not because the red line has loosened, but because the constraints of real assets never stop: electricity, data centers, distribution, depreciation, cash flow, all force participants to repeatedly test the boundaries.
<p class=)[My core viewpoint is: the structural dysfunction of the global foreign exchange market outside of the G7 has led to a "liquidity vacuum" in non-dollar cross-border settlements. Therefore, to solve the liquidity problem of non-dollar stablecoins, a DeFi-native approach must be adopted to initiate liquidity. Any on-chain FX solution that relies on traditional foreign exchange markets is destined to fail.
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[](<p class=)[The Federal Reserve has released unusual signals in its interest rate meeting on December 10: not only did it cut rates by 25 basis points, but there were also three rare dissenting votes, and Powell explicitly stated that the employment growth in the previous months may have been overestimated.
]( 10,000?! A Bloomberg expert gives the most pessimistic forecast<p class=)
