Organizer: Cora, Techub News
Fear Greed Index: 34 (Fear)
Bitcoin Price: $70,925
BTC/ETH Spot ETF Fund Flow (3.24)
BTC Net Inflow: $61.95 M
ETH Net Outflow: $18.01 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (3.24)
BTC Net Redemption: 7.84 BTC
ETH Net Redemption: 1.21 K ETH
HSBC and Standard Chartered are expected to become the first companies to receive stablecoin licenses in Hong Kong within two weeks. The number and timetable for the licenses have not yet been finalized and may change, but sources indicate that a possible date is March 24. This move will position Hong Kong as one of the first jurisdictions globally to grant operating licenses for stablecoins to mainstream banks, further solidifying its status as a digital asset hub.
From April 20 to 23, the Hong Kong Web3 Carnival, jointly created by Wanxiang Blockchain Lab and HashKey Group, will bring together senior government officials, financial giants, technology leaders, and over 500 core decision-makers from around the world to create a multidimensional dialogue venue that breaks down barriers at the Hong Kong Convention and Exhibition Centre.
We have specially organized notable events in the cryptocurrency space in Hong Kong for March, which will open a window to the future of Web3 for you.
Regulatory/Macro
The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council recently issued the "Regulations on Integrity in Employment of State-Owned Enterprise Leaders." Article seven explicitly prohibits leaders of state-owned enterprises from using their position or influence for personal gain, specifically including: accepting gifts, cash or virtual currencies from affiliated companies; buying and selling real estate or vehicles at unfair prices as a way to receive property; entrusting others to invest in securities and futures without contributing funds yet benefiting; engaging in transactions by covert stakes or proxy shareholding; obtaining significant returns through private lending and other financial activities; exploiting insider information or business secrets for personal gain; embezzling or misappropriating company property; and pocketing fees and commissions. Violators will be dealt with according to laws and regulations.
On March 19, the Hainan Provincial Local Financial Supervision Administration issued a risk alert regarding illegal RWA transactions. Recently, entities promoting themselves under names such as "Hainan International Data Asset Exchange," "Hainan Data Exchange," and "Hainan Marine Exchange" claim to be able to conduct RWA (Real World Assets) and RDA (Real Data Assets) businesses in compliance with regulations. Market participants conducting business without approval in the name of trading venues are suspected of illegal financial activities, which jeopardize public property safety.
Two legislators in Delaware have proposed the "Delaware Banking Modernization Act" (Senate Bill 16) and the "Delaware Payment Stablecoin Act" (Senate Bill 19) to establish a licensing framework for stablecoin issuers. The "Stablecoin Act" proposes to implement licensing management for stablecoin issuers and digital asset service providers operating in Delaware, adopting definitions and expressions from the U.S. federal "GENIUS Act," along with setting regulatory requirements such as reserve shortfall remedy mechanisms, mandatory redemption time limits, capital requirements, and anti-money laundering obligations; the "Banking Modernization Act" mainly updates corporate governance for traditional financial institutions while introducing definitions of digital assets to enhance regulatory certainty. Both bills still need to be reviewed by the Senate Banking Committee and debated by the full Senate.
The Russian Ministry of Finance has proposed to add a new clause to the "Administrative Offenses Code," which would impose fines of 700,000 to 1 million rubles on illegal cryptocurrency merchants. This bill has been approved by the government's legislative drafting committee. The proposal indicates that licensed cryptocurrency merchants providing digital asset trading services to non-professional investors exceeding the government-regulated limits would face penalties. Relevant personnel will also face fines of 30,000 to 50,000 rubles or disqualification for 1 to 2 years. The bill has yet to clarify specific types of prohibited transactions and individual trading limits. Previously, in a proposal put forward by the Central Bank of Russia last December, it was suggested that the annual limit for individuals be set at 300,000 rubles, but the Ministry of Finance stated that this figure may be subject to adjustment.
Projects/Company Dynamics
The prediction market platform Kalshi plans to prohibit athletes, coaches, and officials from betting on sporting events they participate in and to bar political candidates from trading on campaign activities.
Ethereum core developer ladislaus.eth disclosed that the Ethereum core developers meeting plans to decide on Thursday whether to incorporate EIP-8141 (framed transactions) into the Hegota upgrade. This proposal aims to decouple accounts from fixed signature schemes, providing a native migration path for post-quantum secure signature schemes and making account abstraction a first-class feature of the protocol, rather than an additional implementation through entry point contracts. Additionally, framed transactions will support programmable gas payments using ERC-20 tokens. Ethereum co-founder Vitalik Buterin stated that this proposal will also elevate privacy protocols, significantly extending the advantages of EVM's general programmability to the verification stage, which previously only supported hardcoded ECDSA signatures.
Resolv Labs tweeted that the Resolv team has sent an on-chain message to the attacker's address, proposing that if they return 90% of the stolen funds (approximately $25 million in ETH), they can keep the remaining 10% as a settlement incentive, with a 72-hour deadline. If the attacker does not respond within the stipulated time, Resolv will coordinate with centralized exchanges, cross-chain bridges, and infrastructure providers to freeze assets, publicly disclose related addresses and transaction traces, cooperate with blockchain analysis firms and law enforcement agencies, and take legal action as escalated measures.
According to the Aave governance page, the ARFC proposal to activate Aave V4 on the Ethereum mainnet has been voted and approved. This proposal aims to deploy Aave V4 on the Ethereum mainnet with a security-first principle, adopting conservative risk parameters and a Hub and Spoke configuration. Initially, Aave V4 will run on a dedicated interface pro.aave.com. Subsequent steps will submit an AIP proposal that includes full risk parameters to formally complete the code deployment and activation. Aave V4 introduces a modular architecture where liquidity centers hold shared liquidity, and branches define specific lending environments with governance-constrained risk exposures. The initial deployment plan establishes three centers: Core, Prime, and Plus, supporting assets including AAVE, GHO, wstETH, weETH, cbBTC, USDC, USDT, LINK, and XAUt.
The Solana Foundation released a report titled "Privacy on Solana: A Comprehensive Approach for Modern Enterprises," suggesting that enterprise-level adoption requires flexible privacy controls, positioning privacy as a customizable feature rather than a compromise. The report argues that the next phase of cryptocurrency adoption will increasingly depend on allowing enterprises to control the subjects and content of information disclosure, rather than merely relying on transparency.
Former Kalshi employees Adhi Rajaprabhakaran and Noah Zingler-Sternig are establishing a venture capital fund named 5 c(c) Capital, aiming to raise up to $35 million, focusing on investments in prediction market startups, planning to invest in about 20 companies over the next two years. The fund's name comes from relevant terms in the U.S. Commodity and Futures Trading Commission regulations.
Bitcoin mining company Core Scientific announced that JPMorgan has added a $500 million commitment through the expansion of its 364-day credit facility, bringing the total financing amount to $1 billion, previously committed by Morgan Stanley at $500 million. The financing rate is secured overnight financing rate (SOFR) plus 250 basis points (2.5%). The company plans to use the proceeds for general corporate purposes related to data center asset development, including equipment procurement, upfront development, land acquisition, and new data center energy procurement.
Strategy submitted an 8-K filing to the U.S. SEC, disclosing that on March 23, it added Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial as full sales agreement agents and simultaneously launched three new ATM issuance plans: Class A common stock (ticker: MSTR) with an issuance scale of up to $21 billion, variable rate perpetual preferred stock STRC with an issuance scale of up to $21 billion, and 8% perpetual preferred stock STRK with an issuance scale of up to $2.1 billion. Meanwhile, the number of authorized shares for STRC preferred stock has been increased from 70,435,353 shares to 282,556,565 shares, and the number of authorized shares for STRK preferred stock has been reduced from 269,800,000 shares to 40,270,744 shares, with the previous STRK preferred stock issuance plan terminated on March 22.
In-Depth & Forward-Looking
When I started writing this article, I thought I was just telling a stablecoin's story. But in the end, I wrote about a company's story—one that attempts to build a parallel financial infrastructure for the half of the world forgotten by the existing financial system. The issue of reserves does exist. But the ambition of this company, and the speed with which it has implemented its plans with only 300 employees and zero external capital, is unprecedented in this field.
This article discusses this gap: who will fill it, how to fill it, and to what extent to consider it compliant. For platforms building stablecoin acquiring services and merchants assessing whether to connect, this is not a theoretical regulatory issue—it is a compliance risk already present in your current business architecture.
In this environment, maintaining learning ability and adaptability is more important than mastering specific skills. Therefore, individuals need to establish a habit of continuous learning, focusing on the latest developments in AI technology and token economics; actively try new tools and methods, accumulating experience in practice; build an interdisciplinary knowledge structure, understanding the economic logic and social impact behind the technology. Only in this way can one stand undefeated in the wave of token economics.
Interestingly, the root causes of this recent collapse—war, oil prices, the U.S. Federal Reserve—are not directly related to the cryptocurrency industry. However, in the face of genuine systemic risks, correlations among all asset classes approach 1.
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