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Hong Kong Web3 Daily Must-Read: Kraken received a 200 million dollar investment from Deutsche Börse, and the U.S. Department of Commerce bypassed Trump's ban on Anthropic.

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AI summarizes in 5 seconds.

Organized by: Cora, Techub News

Hong Kong

Why is Hong Kong issuing HKD stablecoin licenses when USD stablecoins dominate at 99%?

When viewed from the perspective of global currency competition, a larger picture emerges: the United States is using the GENIUS Act to turn stablecoins into a digital extension of USD hegemony, essentially using global crypto funds to inject liquidity into its national debt market. What Hong Kong is doing is a much smaller endeavor: ensuring that the HKD has a place in a tokenized world.

Overview of the schedule of events for the Hong Kong Web3 Carnival from April 20 to 23, 2026

From April 20 to 23, the Hong Kong Web3 Carnival, co-created by Wanxiang Blockchain Lab and HashKey Group, will convene senior government officials, financial giants, technology leaders, and over 500 core global decision-makers at the Hong Kong Convention and Exhibition Centre, creating a high-dimensional dialogue space that breaks down barriers and integrates diversity.

Regulation/Macro

Pakistan's central bank allows licensed virtual asset service providers to open formal bank accounts

A notice from the State Bank of Pakistan and a statement from the virtual asset regulatory authority stated that the central bank has allowed banks to open accounts for licensed virtual asset service providers, overturning a ban from 2018. Bilal bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, stated: "This is a fundamental step to integrate virtual assets into Pakistan's formal financial system."

IRS formally implements mandatory cost basis reporting rules for digital asset brokers

The IRS officially implemented mandatory cost basis reporting rules for digital asset brokers on April 15, applicable to centralized exchanges, custodial wallet service providers, and certain digital asset processing entities. According to the new regulations, affected entities are required to submit Form 1099-DA to the IRS and taxpayers, documenting the sale and exchange of digital assets.

US Senator: Senate is expected to release compromise draft text on stablecoin revenue distribution this week

US Senator Thom Tillis stated that the Senate is expected to unveil a compromise draft text concerning stablecoin revenue distribution this week. Currently, there is a divergence between banks and crypto enterprises regarding whether cryptocurrency exchanges should be allowed to pay returns to stablecoin holders through reward programs, and the related dispute has caused the legislative process of the Clarity Act to stall.

Virginia passes HB 798, which includes digital assets in the scope of unclaimed property management

According to Coinbase Chief Legal Officer Paul Grewal, Virginia Governor Abigail Spanberger has signed HB 798. The bill expands the state's unclaimed property regulations to include digital assets, ensuring that digital assets can be administrated as is and stipulating that such assets must be held for at least one year before liquidation.

Project/Company News

TeraWulf expands fundraising to 900 million USD to support AI data center construction

Bitcoin mining company TeraWulf announced it has increased its common stock offering to 900 million USD to support AI data center construction. According to the statement, the company issued 47.4 million shares at a price of 19 USD per share on April 14. The offering size has been expanded from the initial target of 800 million USD, with underwriters having a 30-day option to purchase an additional 7.11 million shares at the offering price. Morgan Stanley served as the co-lead bookrunner for the offering, with Cantor Fitzgerald acting as equity capital markets advisor. TeraWulf stated that the net proceeds from this offering will be used to fund the development of its data center park in Hawesville, Kentucky, including full repayment of its outstanding amounts under its bridge loan facility. The offering is expected to be completed on April 16.

eToro acquires Zengo to expand self-custody cryptocurrency business

eToro announced the acquisition of self-custody cryptocurrency wallet provider Zengo. This acquisition will combine eToro's global multi-asset platform and distribution network with Zengo's non-custodial wallet technology, supporting Zengo's growth into the next stage while also expanding eToro's digital asset capabilities.

Zerion: Team member's device hacked by North Korean hackers, resulting in theft of approximately 100,000 USD from the company's internal hot wallet

Web3 wallet Zerion published a security incident report. The team stated that last week, a device belonging to a Zerion team member was hacked by North Korean hackers, leading to the theft of approximately 100,000 USD from the company's internal hot wallet. User funds, Zerion applications, and infrastructure were not affected. The team has proactively shut down the Zerion web application and will restore operations within 48 hours.

Société Générale partners with Consensys to bring its USD stablecoin to MetaMask

Société Générale-FORGE, the digital asset division of French bank Société Générale, announced that it has introduced its USD CoinVertible tokens to MetaMask through a partnership with blockchain company Consensys.
Bitcoin developers propose BIP-361 to freeze tokens in addresses vulnerable to quantum attacks

Bitcoin quantum safety researchers, including Jameson Lopp, proposed BIP-361, which suggests freezing tokens in addresses on the Bitcoin network that are vulnerable to quantum attacks, including those held by Satoshi Nakamoto valued at approximately 74 billion USD, to prevent these cryptocurrencies from being stolen once quantum computers become mainstream. The proposal has sparked controversy within the community, with critics labeling it as "authoritarian and confiscatory," arguing that forcing upgrades and rendering old expenditures invalid lacks reasonable justification.

Insider: US Department of Commerce bypasses Trump's ban on Anthropic, testing its AI model Mythos

According to insiders cited by Politico, the US Department of Commerce's Center for Standards and Innovation is bypassing the ban on Anthropic by Trump, testing its advanced AI model Mythos.

Japanese e-commerce giant Rakuten introduces XRP as a payment option

Japanese e-commerce giant Rakuten announced it will open XRP payment functionality to users, enabling them to use XRP for payments at over 5 million Japanese merchants via the Rakuten Pay app. Rakuten will also allow users to conduct spot trading of XRP within the app, purchase XRP using Rakuten points, and deposit it into Rakuten Wallet.

Crypto.com enters prediction market by collaborating with High Roller

Crypto.com announced it has signed a definitive agreement with online betting company High Roller Technologies to launch event-based prediction market services in the US.

Goldman Sachs applies to launch a Bitcoin ETF that invests in other Bitcoin exchange-traded products

Goldman Sachs plans to launch a Bitcoin ETF named "Goldman Sachs Bitcoin Premium Income." This ETF intends to gain exposure to Bitcoin investments by investing in exchange-traded products that hold Bitcoin, as well as options related to these products and indices that track their performance.

Tether launches self-custody digital wallet tether.wallet

Tether announced the launch of its self-custody digital wallet, tether.wallet, currently supporting USD₮, USA₮, XAU₮, and Bitcoin. Users can send funds using easy-to-read identifiers (such as name@tether.me) without having to enter lengthy and error-prone wallet addresses, reducing the risk of irreversible mistakes. Transactions do not require users to hold separate network tokens or gas tokens, with fees paid directly in the form of the transferred asset.

Kraken receives 200 million USD investment from Deutsche Börse

Deutsche Börse will invest 200 million USD in Payward, the parent company of crypto exchange Kraken, acquiring approximately 1.5% of fully diluted shares. This transaction is expected to close in the second quarter of 2026, pending regulatory approval. Bloomberg estimates this transaction values Kraken at around 13.3 billion USD; previously, Kraken was valued at approximately 20 billion USD during a share transfer in November 2025.

In-Depth & Prospects

Bitcoin in the Strait of Hormuz

Iranians are beginning to settle with cryptocurrency and the renminbi. I believe the likelihood of using mainstream stablecoins like USDT and USDC is very low, as these are essentially products that the U.S. government can freeze at will; in contrast, Bitcoin is more likely to be adopted because it is currently one of the few payment tools in this world that has no "counterparty risk."

Stanford's 423-page AI report released! The gap between China and the U.S. is only 2.7%, Tsinghua's DeepSeek breaks into the global top ten

The most divided group is the Americans. Only 33% of Americans believe AI will make their jobs better, compared to a global average of 40%. Trust in the U.S. government's regulation of AI is the lowest among surveyed countries, at 31%.

Views
BTC briefly breaks 76,000 USD, crypto market expectations improve, is 80,000 USD the key test point?

Last night, Bitcoin price surged momentarily, breaking through 76,000 USD, reaching the highest level since February 4th. Subsequently, Ethereum also followed suit, breaking the 2,400 USD mark. This wave of price rebound coincided with a Fox News report indicating that Trump claimed the U.S. war with Iran was over.

Behind the Circle freeze controversy: Where are the power boundaries of USD stablecoins?

This discussion surrounding the "power boundaries" of USD stablecoins is far from over. Stablecoins are becoming fundamental vehicles for global capital flow. And any vehicle that possesses the power to "freeze" is no longer just a tool.

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