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

Former Director of Digital Currency Research Institute, Yao Qian, Received 2,000 Ethereum for Assisting ICO

Yao Qian, the former director of the Digital Currency Research Institute, was entrusted by businessman Zhang in 2018 to assist in listing an ICO on an exchange. The ICO successfully raised 20,000 Ethereum, and Zhang subsequently transferred 2,000 Ethereum to Yao as a reward. Investigators found a hardware wallet in Yao's office drawer. The task force also discovered multiple bank accounts opened in other people's names as "shell accounts," one of which had 10 million HKD that underwent about four layers of fund transfers, originating from a virtual currency trader's fund account, ultimately used to purchase a villa in Beijing.

South Korean Ulsan Court Sentences Drug Gang Leader to 20 Years in Prison for Using Bitcoin and Other Cryptocurrencies for Settlement and Money Laundering

The Ulsan District Court in South Korea sentenced a "post-00s" leader involved in drug trafficking and money laundering using cryptocurrencies to 20 years in prison and a fine of 4.2 million USD. The court found that since March 2020, he operated multiple drug trafficking channels via Telegram, with the drugs primarily smuggled from Vietnam and distributed using a "dead drop" method; transactions and distribution commissions were completed using Bitcoin and other cryptocurrencies, involving approximately 4 million USD. Reports also stated that his three accomplices received sentences ranging from 30 months to 3 years.

US Cryptocurrency Market Structure Bill Hearing Postponed

The US Senate Agriculture Committee's hearing on the cryptocurrency market structure bill originally scheduled for January 15 will be postponed. The bill text will be released on January 21, with a hearing for review on January 27. This adjustment aims to ensure legislative transparency and provide committee members ample time for review; the current version of the bill may struggle to gain bipartisan support.

Chairman of the Russian Financial Market Committee: Bill to Allow Cryptocurrencies to Be Exempt from Special Financial Regulation Has Been Prepared

Anatoly Aksakov, chairman of the Russian State Duma Financial Market Committee, stated that a bill aimed at removing cryptocurrencies from the "special financial regulation" framework has been prepared, which may promote the adoption of cryptocurrencies in the lives of Russian residents. Aksakov mentioned in an interview with Russian state television that the State Duma will focus on issues related to digital financial assets and cryptocurrencies during the upcoming spring session. According to the proposed bill, cryptocurrencies will no longer be regarded as special regulatory subjects, and their use cases will become more normalized. He also noted that the bill allows non-professional investors to participate in the cryptocurrency market but sets a limit, with individuals not allowed to purchase more than 300,000 rubles worth of digital currency, while professional market participants are not subject to this restriction. Additionally, cryptocurrencies can be used for international settlements and may further enter the financial markets of other countries after being issued in Russia.

Project/Company Updates

Ripple Receives Preliminary Approval for Electronic Money Institution License from Luxembourg CSSF

Ripple announced on X platform that it has received preliminary approval for an electronic money institution license from the Luxembourg Financial Sector Supervisory Commission (CSSF). Ripple stated that this is an important step for Ripple Payments to expand in the EU region, and the relevant license will support its provision of institutional-level digital asset payment infrastructure services locally.

Visa Partners with BVNK to Launch Stablecoin Funding and Wallet Direct Payment Services for Businesses

Visa announced a partnership with stablecoin payment infrastructure company BVNK to integrate stablecoin functionality into the Visa Direct real-time payment network. This collaboration will allow businesses in specific markets to pre-fund payments with stablecoins and directly disburse funds to recipients' digital wallets. The processing and settlement of stablecoin transactions will be provided by BVNK's underlying infrastructure. CoinDesk reported that BVNK's annual stablecoin payment processing volume has exceeded 30 billion USD. Additionally, Visa invested in BVNK through Visa Ventures in May 2025, followed by a strategic investment from Citigroup.

Animoca Brands Completes Acquisition of Digital Collectibles and Gaming Company SOMO

Animoca Brands has completed the acquisition of digital collectibles and gaming company SOMO. SOMO's products include "SOMO Codex," "SOMO Duel," and the flagship game "SOMO Battleground," with the ecological goal of transforming digital collectibles into playable, tradable, and live-streamable assets across multiple games. Animoca Brands also stated that after the acquisition, it will leverage its existing Web3 ecosystem to provide cross-ecosystem linkage and growth support for the SOMO brand.

Sources: Pakistan Signs Agreement with WLFI Affiliate to Test Cross-Border Payments Using USD Stablecoin

Sources indicate that Pakistan has signed an agreement with an affiliate of World Liberty Financial to explore the use of USD1 stablecoin in cross-border payments. The report noted that this collaboration is seen as one of the first publicly disclosed partnerships between WLFI and a sovereign nation.

Backpack Enters the Prediction Market Sector, "Unified Prediction Portfolio" Now in Invite-Only Beta Testing

Backpack CEO Armani Ferrante announced on X platform that Backpack has launched its first product in the prediction market, the "Unified Prediction Portfolio," and has initiated a private beta test limited to invited participants. Ferrante stated that this product is not a simple encapsulation of platforms like Kalshi and Polymarket, but rather a native system under Backpack, allowing users to complete quoting, trading, and hedging operations within a single margin account. Its mechanism employs cross-margining and cross-collateralization to avoid balance dispersion and supports seamless use of funds across prediction scenarios on the Backpack platform.

German DZ Bank Receives MiCAR Approval to Open Retail Cryptocurrency Trading Access for Partner Banks

Germany's second-largest bank, DZ Bank, received MiCAR approval from the Federal Financial Supervisory Authority (BaFin) at the end of December, allowing it to operate the cryptocurrency platform "meinKrypto." DZ Bank stated that the platform will provide services to major institutions within its partner financial group and will support these institutions in offering cryptocurrency trading to retail customers after launch. The first cryptocurrencies to be listed include Bitcoin, Ethereum, LTC, and ADA.

Bitpanda Plans IPO in Frankfurt This Year, Target Valuation of 4 to 5 Billion Euros

Sources reveal that Bitpanda GmbH, a cryptocurrency trading platform backed by billionaire Peter Thiel, is preparing for an initial public offering (IPO) in Frankfurt as early as the first half of this year, seeking a valuation between 4 billion and 5 billion euros. Bitpanda has hired Goldman Sachs, Citigroup, and Deutsche Bank to arrange the IPO, which is reportedly set to go public in the first quarter of this year. Insiders indicate that no final decision has been made yet, and the specifics of the IPO, including the timeline, may still change. A representative for Bitpanda stated that the IPO is one of the options the company is considering for further development but declined to comment further. Representatives from Goldman Sachs, Citigroup, and Deutsche Bank also declined to comment.

CoinGecko Plans to Sell for Approximately $500 Million Valuation

Sources say CoinGecko is exploring a sale and has hired investment bank Moelis to handle the process, targeting a valuation of around $500 million.

YZi Labs Invests Tens of Millions in Genius Trading, Zhao Changpeng Joins as Advisor

YZi Labs, co-founded by Binance's Zhao Changpeng and He Yi, has invested tens of millions of dollars in Genius Trading, with Zhao Changpeng also joining the project as an advisor. Genius aims to build a privacy-first on-chain trading platform offering spot, perpetual contracts, and copy trading, targeting to become a decentralized version of "Binance." The platform has processed over $60 million in trading volume during its testing phase and plans to launch a public privacy protocol test in Q2 2026.

Polygon Labs Acquires Cryptocurrency Startups Coinme and Sequence for Over $250 Million

Polygon Labs has completed the acquisition of cryptocurrency startups Coinme and Sequence for a total price exceeding $250 million. Polygon Labs did not disclose the individual transaction amounts or whether the payment was made in cash, equity, or a combination. Polygon Labs CEO Marc Boiron and Polygon Foundation founder Sandeep Nailwal stated that the acquisition aims to support the stablecoin strategy of the blockchain network, with Coinme holding a range of remittance licenses in the U.S. and Sequence focused on building blockchain infrastructure, including cryptocurrency wallets.

In-Depth & Outlook

Polygon Transforms Stablecoin Payment Infrastructure, Acquires Coinme and Sequence for Over $250 Million

Regardless of the ultimate outcome of this gamble, Polygon has sent a clear signal to the market: the cryptocurrency industry is accelerating towards maturity, and the future belongs to builders who can organically integrate technological innovation, regulatory compliance, and user experience. For Polygon, this investment of over $250 million is not just an acquisition of two companies but a firm bet on the future direction of the industry.

As Cross-Chain Protocols Expand from "Bridging" to "Swapping"

As the multi-chain era arrives, users begin to frequently cross chains, creating new demands: assets need to move from Chain A to Chain B. This is when bridges and "bridge aggregators" emerged. Initially, they performed a simple task: helping you compare the prices and speeds of different bridges, such as which bridge is best for moving ETH from Ethereum to Arbitrum.

Opinions

Upcoming U.S. "Cryptocurrency Market Structure Legislation" Hearing: Key Points and Potential Market Impact of the CLARITY Act

The highly anticipated "Cryptocurrency Market Structure Legislation" hearing is set to commence tomorrow. As a milestone bill in the U.S. digital asset regulatory process, the legislative progress of the "Digital Asset Market Clarity Act" (CLARITY) has been a focal point for market participants.

The More It is Banned, the More It Rises? Analyzing the Truth Behind XMR's Surge

In terms of spot trading, XMR's recent trading volume has increased with the price rise, but it has generally remained in the range of tens of millions to 200 million dollars, without any particularly exaggerated increments. Historically, the true and significant peak of spot trading volume was created on November 10, with 410 million dollars. This indicates that in this recent round of doubling, spot trading (or the spot buying on centralized exchanges) was not the main driving force.

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