Fear and Greed Index: 25 (Fear)
Bitcoin Price: $102,281
BTC/ETH Spot ETF Fund Flow (11.12)
BTC Net Outflow: $108.23 M
ETH Net Outflow: $73.15 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (11.12)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
[The Hong Kong SAR government announced the successful issuance of the third batch of digital green bonds, with a scale of approximately HKD 10 billion, covering multiple currencies. The subscription amount exceeded HKD 130 billion, setting a global record for digital bond issuance. This issuance also achieved several technological breakthroughs, including the first introduction of tokenized central bank currency for settlement.
]( 130 billion sets global record
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[
]( Selected Activities in Hong Kong for November
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Activities in Hong Kong for November
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[](
The Public Security Bureau of Shunqing District, Nanchong City, dismantled a "score running" gang that used virtual currency for money laundering, arresting five criminal suspects including Wang. The police stated that the gang formed a professional "team" by posting "high salary recruitment" information online and connected with scams, gambling, and other illegal activities through overseas encrypted chat software. They also indicated that the gang recruited social idlers to handle bank cards, building a "card farmer - collection - diversion - settlement" chain, transferring funds to designated accounts as instructed after the funds were credited, and settling rewards in virtual currency after the "score running" ended. Currently, the five suspects have been criminally detained according to the law, and the case is still under further investigation.
The Central Bank of Brazil announced regulatory details for virtual asset service providers (VASP), requiring companies to obtain authorization from the central bank and meet capital requirements, with a minimum of 10.8 million reais, approximately $2 million. Some business types have increased to 37.2 million reais, about $7 million. Overseas platforms targeting Brazilian customers must establish local entities to operate. The rules will take effect in February 2026, and authorization and compliance must be completed by November 2026 at the latest. The new regulations will include the trading of stablecoins linked to fiat currency and the use of virtual assets for cross-border payments or settlements under foreign exchange management. The single transaction limit for cross-border transfers with unauthorized counterparties is set at $100,000, while consumer protection, internal governance, and anti-money laundering or anti-terrorism financing requirements will be fully applicable to cryptocurrency businesses, and reporting of foreign transaction data will be required as stipulated.
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[]( Licensing and a maximum capital threshold of $7 million
The Central Bank of Brazil announced regulatory details for virtual asset service providers (VASP), requiring companies to obtain authorization from the central bank and meet capital requirements, with a minimum of 10.8 million reais, approximately $2 million. Some business types have increased to 37.2 million reais, about $7 million. Overseas platforms targeting Brazilian customers must establish local entities to operate. The rules will take effect in February 2026, and authorization and compliance must be completed by November 2026 at the latest. The new regulations will include the trading of stablecoins linked to fiat currency and the use of virtual assets for cross-border payments or settlements under foreign exchange management. The single transaction limit for cross-border transfers with unauthorized counterparties is set at $100,000, while consumer protection, internal governance, and anti-money laundering or anti-terrorism financing requirements will be fully applicable to cryptocurrency businesses, and reporting of foreign transaction data will be required as stipulated.
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[
]( Licensing and a maximum capital threshold of $7 million
The Central Bank of Brazil announced regulatory details for virtual asset service providers (VASP), requiring companies to obtain authorization from the central bank and meet capital requirements, with a minimum of 10.8 million reais, approximately $2 million. Some business types have increased to 37.2 million reais, about $7 million. Overseas platforms targeting Brazilian customers must establish local entities to operate. The rules will take effect in February 2026, and authorization and compliance must be completed by November 2026 at the latest. The new regulations will include the trading of stablecoins linked to fiat currency and the use of virtual assets for cross-border payments or settlements under foreign exchange management. The single transaction limit for cross-border transfers with unauthorized counterparties is set at $100,000, while consumer protection, internal governance, and anti-money laundering or anti-terrorism financing requirements will be fully applicable to cryptocurrency businesses, and reporting of foreign transaction data will be required as stipulated.
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[]( Licensing and a maximum capital threshold of $7 million
The Central Bank of Brazil announced regulatory details for virtual asset service providers (VASP), requiring companies to obtain authorization from the central bank and meet capital requirements, with a minimum of 10.8 million reais, approximately $2 million. Some business types have increased to 37.2 million reais, about $7 million. Overseas platforms targeting Brazilian customers must establish local entities to operate. The rules will take effect in February 2026, and authorization and compliance must be completed by November 2026 at the latest. The new regulations will include the trading of stablecoins linked to fiat currency and the use of virtual assets for cross-border payments or settlements under foreign exchange management. The single transaction limit for cross-border transfers with unauthorized counterparties is set at $100,000, while consumer protection, internal governance, and anti-money laundering or anti-terrorism financing requirements will be fully applicable to cryptocurrency businesses, and reporting of foreign transaction data will be required as stipulated.
<h3 dir=)[a16z crypto wrote to U.S. Treasury Secretary Scott Bessent on November 4, responding to the proposed rules of the GENIUS stablecoin bill passed earlier this year. a16z stated that GENIUS is "an important step towards the future of digital finance," but key definitions need clarification. It also stated that decentralized stablecoins issued through autonomous smart contracts without centralized control should be excluded from regulation.
]( GENIUS Bill Applicability Boundaries<p class=)
[]( GENIUS Bill Applicability Boundaries<p class=)[Malaysian tech consulting firm VCI Global plans to purchase a total of $100 million in OOB tokens. Initially, it will exchange restricted shares for $50 million worth of OOB (valued at $200 million, priced at $0.20 each) with the OOB Foundation, and then purchase another $50 million in cash on the secondary market after the token's public issuance. The company has also been appointed as the treasury manager for the OOB digital asset ecosystem. The announcement noted that after the transaction is completed, Tether, which holds Oobit equity, is expected to become the largest shareholder of VCI Global.
]( Global plans to invest $100 million in Oobit platform token OOB, Tether will become its largest shareholder<p class=)
[]( Global plans to invest $100 million in Oobit platform token OOB, Tether will become its largest shareholder<p class=)[JPMorgan has begun offering deposit tokens JPM Coin to institutional clients. This token represents JPMorgan's dollar deposits and can be used for payments on the public blockchain Base associated with Coinbase, enabling "24/7, instant" on-chain payments. Naveen Mallela, global co-head of JPMorgan's blockchain division Kinexys, stated that JPM Coin provides institutional clients with a compliant settlement path on public networks. Unlike stablecoins, deposit tokens are digital claims on bank deposits, with accounting and compliance requirements following banking system rules.
]( JPM Coin<p class=)
[]( JPM Coin<p class=)[A Coinbase spokesperson confirmed that negotiations for the approximately $2 billion acquisition of UK stablecoin startup BVNK "are no longer moving forward." Both parties decided to terminate the exclusive agreement and due diligence phase, with specific reasons not disclosed. Previously, both sides had entered an exclusivity period at the end of October.
]( Cancellation of the $2 billion acquisition of BVNK, transaction halted during exclusive negotiation period<p class=)
[In-Depth & Outlook]( Cancellation of the $2 billion acquisition of BVNK, transaction halted during exclusive negotiation period<p class=)
[The real opportunity lies here—rather than replicating existing models, directly tackling underlying challenges. These five major challenges are the entry chips. Platforms that can solve liquidity, discovery mechanisms, and adjudication infrastructure will gain not only market share but also unlock the full potential of prediction markets as a coordinating mechanism.
](<p class=)
[](
The scale of USDT has grown to a level comparable to that of small national currencies and regional banking systems, prompting Tether to consider an extreme scenario: if at some point in the future, U.S. regulators or the banking system pressure it or even freeze its assets, or if the entire dollar system encounters systemic risk, relying solely on U.S. Treasury bonds and bank deposits will seem overly passive.
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[]( Launching a token sale platform for retail investors will open a new "ICO era"?
Currently, the token issuance market is already highly saturated, resembling a fiercely competitive red ocean. The core challenge facing Coinbase is how to filter out assets with true long-term value, rather than simply relying on issuance mechanisms to attract traffic.
<div class=)[The attention market is upstream of the stock, derivatives, and token markets, capturing the real factors driving these variables: will the world's discussion of something this week exceed that of last week? Trendle makes this betting possible, while Azuro provides scalability, neutrality, and sustainability.
]( Azuro Core Mechanism, Ecosystem, and Development Direction<p class=)
