We have specially compiled noteworthy events in the crypto field in Hong Kong for January, which will open a window to the future of Web3 for you.

South Korea's Financial Services Commission Allows Listed Companies to Invest Up to 5% of Capital in Cryptocurrency Annually

The South Korean Financial Services Commission (FSC) recently issued guidelines for corporate cryptocurrency trading, allowing listed companies and professional investors to trade cryptocurrencies, ending a nine-year ban on corporate crypto investments. Eligible companies can invest up to 5% of their capital annually in the top 20 cryptocurrencies by market capitalization on South Korea's five major exchanges. Additionally, whether stablecoins will be included is still under discussion.

Trump Denies Involvement in DOJ's Subpoena Action Against the Federal Reserve

Trump denied involvement in the Department of Justice's subpoena action against the Federal Reserve. When discussing Federal Reserve Chairman Powell, he stated, "I have no knowledge of this, but his performance at the Fed has clearly been poor, and he is not good at managing construction projects." Trump indicated that the DOJ subpoena is unrelated to interest rate issues: "No, I would never consider pressuring him that way. The real pressure he should feel is the fact that interest rates are too high; that is the only pressure he is under." He added, "He has hurt many people, and I think the public is putting pressure on him."

India Tightens KYC Requirements for Cryptocurrency Exchange User Registration

India's Financial Intelligence Unit (FIU) has released new guidelines tightening user registration rules for cryptocurrency exchanges. The new regulations require regulated cryptocurrency exchanges to verify user identities through real-time selfies and geolocation.

UK Parliamentary Committee Chair Urges Ban on Cryptocurrency Political Donations

The chairs of seven UK parliamentary committees wrote to the UK government on Sunday, urging a complete ban on cryptocurrency donations to political parties. The letter, co-signed by Liam Byrne, chair of the Business and Trade Committee, and six other colleagues, stated that cryptocurrency donations undermine transparency, traceability, and enforcement in political funding.

Powell: Investigation is Due to Fed's Interest Rates Based on Economic Assessment, Not Political Will

Federal Reserve Chairman Powell responded to the criminal investigation. Powell stated, "Last Friday, the DOJ delivered a grand jury subpoena to the Fed, threatening to bring criminal charges regarding my testimony before the Senate Banking Committee last June."

Project/Company Updates

US SEC Delays Approval of PENGU and T. Rowe Cryptocurrency ETFs

The US Securities and Exchange Commission (SEC) has issued three independent documents deciding to extend the decision deadlines regarding the listing of Canary Pudgy Penguins (PENGU) on the Chicago Mercantile Exchange BZX and T. Rowe Price's actively managed cryptocurrency ETF on the NYSE Arca.

Strategy CEO Phong Le Purchases $1,200 Worth of Stretch Perpetual Preferred Shares

According to BitcoinTreasuries.NET, Strategy CEO Phong Le purchased 12 shares of Stretch perpetual preferred stock at $99.99 per share, totaling $1,200.

Polycule Allegedly Experiences Rug Pull, User Funds Still Unwithdrawable

The trading bot project Polycule, based on Polymarket, is suspected of experiencing a rug pull. The team previously claimed to have suffered a hacking attack, resulting in $230,000 in user funds being compromised. The bot is currently offline, with patches and audits expected to be completed by the weekend, but affected users are still unable to withdraw their funds.

Vitalik: Ethereum Must Pass "Deprecation Test" for Long-Term Stability

Ethereum founder Vitalik tweeted that Ethereum itself must pass the "deprecation test." To reach this stage, Ethereum's value proposition should no longer strictly rely on any features not yet included in the protocol, such as full quantum resistance, a scalable architecture, and a state architecture capable of running for decades. Vitalik stated that ideally, efforts will be made in the coming years to achieve that almost all innovations can be realized through client optimizations and reflected in protocol parameter adjustments. At least one of these should be completed each year, ideally multiple.

Insiders: If the CLARITY Act Limits Stablecoin Reward Mechanisms, Coinbase Will Reconsider Support for the Act

Coinbase is increasing pressure on US lawmakers to resist the CLARITY Act. Insiders say that if the act limits stablecoin issuers from providing rewards on cryptocurrency exchanges and other platforms, Coinbase "may reconsider its support for the act." Reports indicate that an anti-decentralized finance group has run ads on Fox News, urging the public to pressure local senators to pass the cryptocurrency market structure bill, banning provisions that allegedly threaten the banking industry. Additionally, the crypto community is fighting back, with the Stand With Crypto organization claiming its advocates have sent over 135,000 emails to senators to protect stablecoin reward mechanisms.

Stablecoin Payment Infrastructure Provider PhotonPay Completes Multi-Million Dollar Series B Financing

Stablecoin payment infrastructure provider PhotonPay announced the completion of multi-million dollar Series B financing, led by IDG Capital, with participation from Hillhouse Investment, Enlight Capital, Lightspeed Faction, and Shoplazza, with Blacksheep Technology serving as the exclusive financial advisor. The funds raised will be used to accelerate the expansion of its stablecoin financial payment channels, recruit key talent, and expand global regulatory compliance, focusing on the US and some emerging markets.

X Product Head: Developing Smart Asset Tags to Display Real-Time Prices and Contract Information for Crypto Assets

X Product Head and Solana advisor Nikita Bier stated that X is developing smart asset tags that support displaying real-time prices and contract information for crypto assets.

Bloomberg ETF Analyst: US SEC Will Process Morgan Stanley Bitcoin ETF Application Around March 23

Bloomberg ETF analyst James Seyffart commented on "How long will it take for the US SEC to process Morgan Stanley's Bitcoin ETF application": "It will take at least 75 days from the date of application submission. So around March 23."

In-Depth & Outlook

Truth and Lies in the Crypto Market: A Review of Achievements and Lessons from 2025

2025 fully proved one thing: in the cryptocurrency market, everything is about trading. The exit window is extremely short, making it difficult to have complete confidence in any token. Therefore, 2025 also marks the gradual decline of the "HODL" (Hold On for Dear Life) culture. DeFi has evolved into on-chain finance, and with the improvement of the regulatory environment, DAOs have gradually abandoned the false disguise of "decentralization."

The Rise of Intent Economy: Systems Shift from Capturing Behavior to Processing "Goals"

Most internet systems do not operate directly based on intent but rather on behavior. When users want to complete an action, they need to express it through a series of steps: searching, clicking, filtering, selecting, comparing, and confirming.

Views

Why Do Crypto Projects Love to "Queue for Licenses" in Singapore?

In the realm of cryptocurrency, where global regulations are not yet unified, why are crypto projects flocking to Singapore for crypto licenses? This article will provide a comprehensive analysis of the advantages of Singapore licenses in an easy-to-understand manner, detailing the types of crypto licenses available in Singapore, the application requirements, and how companies should apply for a Singapore crypto license.

Have Project Buyback Dividends Really Come to an End?

Token buybacks are essentially a "deflationary tool" rather than a guarantee of price increase. Amid various market fluctuations, buybacks often play a role of "passive defense," reducing supply and establishing a price floor, but they cannot single-handedly reverse the complex trends formed by macro market conditions, unlocking pressures, or market sentiment.

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