Hong Kong Web3 Daily Must-Read: The EU plans to centralize regulation of cryptocurrency businesses within the region, Tether expands its commodity trading loan business.
Fear and Greed Index: 17 (Fear)
Bitcoin Price: $95,108
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $1.11 B
ETH Net Outflow: $728.57 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Redemption: 117.72 BTC
ETH Net Subscription: 30.44 ETH
[The Hong Kong Securities and Futures Commission announced that CEO Ashley Alder has been reappointed for another two years, effective from January 1, 2026. During the new term, Alder will continue to promote the SFC's key work in regulatory reform, market development, and seamless leadership transition to ensure the SFC's long-term sustainable and effective operation. Alder was first appointed as CEO on January 1, 2023, and the current term will expire on December 31, 2025.
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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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[]( A hearing on the "Disposal of 60,000 Bitcoins" will be held on November 17, with the main suspect Qian Zhimin purchasing at an average price of 2,815 yuan
Qian Zhimin purchased Bitcoin at an average price of approximately 2,815 yuan per coin. On the day of the ruling in the UK, the Bitcoin price was about 750,000 yuan per coin, an increase of about 266 times. Reports indicate that the UK has not yet made substantial progress in returning or sharing the frozen assets involved with China. The Tianjin Public Security Bureau Hedong Branch announced on October 30 that it is continuing cross-border cooperation with UK law enforcement to recover losses for the fundraising participants. The UK High Court will hold a hearing on the "Disposal of 60,000 Bitcoins" on November 17, 2025.
The U.S. Department of Justice (DOJ) has submitted two civil forfeiture lawsuits seeking to confiscate approximately 15.1 million USDT stolen by North Korean hackers in 2023. The funds trace back to the North Korean military hacker group APT38, and the FBI completed the seizure of the related crypto assets in March 2025, currently seeking court approval to return them to the victims. The DOJ also stated that APT38 continues to launder funds through cross-chain bridges, mixers, trading platforms, and over-the-counter traders. It announced that four U.S. citizens and one Ukrainian individual have pleaded guilty to providing stolen identities to North Korean IT workers and hosting company laptops at home, helping them pose as working in the U.S. to infiltrate 136 U.S. companies.
A Detroit man has admitted to concealing Bitcoin donations originally intended to fund the "Islamic State" (ISIS) and has been sentenced to nine years in federal prison. Authorities say the man used privacy-focused VPNs and encryption software to conceal Bitcoin transfers.
The European Commission plans to grant the European Securities and Markets Authority (ESMA) new powers, making it the direct regulatory authority for all crypto asset service providers in the region and responsible for authorizing new enterprises. The draft will be officially announced next month, which could disrupt the existing work of national regulatory agencies and companies in industry regulation over the years. According to the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to obtain authorization in at least one member state.
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The European Commission plans to grant the European Securities and Markets Authority (ESMA) new powers, making it the direct regulatory authority for all crypto asset service providers in the region and responsible for authorizing new enterprises. The draft will be officially announced next month, which could disrupt the existing work of national regulatory agencies and companies in industry regulation over the years. According to the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to obtain authorization in at least one member state.
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The European Commission plans to grant the European Securities and Markets Authority (ESMA) new powers, making it the direct regulatory authority for all crypto asset service providers in the region and responsible for authorizing new enterprises. The draft will be officially announced next month, which could disrupt the existing work of national regulatory agencies and companies in industry regulation over the years. According to the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to obtain authorization in at least one member state.
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The European Commission plans to grant the European Securities and Markets Authority (ESMA) new powers, making it the direct regulatory authority for all crypto asset service providers in the region and responsible for authorizing new enterprises. The draft will be officially announced next month, which could disrupt the existing work of national regulatory agencies and companies in industry regulation over the years. According to the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to obtain authorization in at least one member state.
<h3 dir=)[According to Onchain Lens monitoring, Balancer hackers have begun transferring Ethereum to Tornado Cash.
]( Hackers have begun transferring Ethereum to Tornado Cash<p class=)
[]( Hackers have begun transferring Ethereum to Tornado Cash<p class=)[
The first U.S. single-token spot ETF, Canary XRP ETF (Ticker: XRPC), has officially listed on Nasdaq. The Canary XRP ETF supports cash and physical redemptions, with a management fee of 0.50%. According to SoSoValue data, there was no net inflow on the first day of XRPC's listing, with a trading volume of $59.22 million; the next day, there was a net inflow of $243 million through cash or physical subscriptions, with a trading volume of $26.72 million. As of the time of writing, the total net asset value of the Canary XRP ETF is $248 million, with an XRP net asset ratio (market cap relative to total XRP market cap) of 0.18%.
]( XRP Spot ETF Listed, No Net Inflow on First Day, Net Inflow of $243 Million on Second Day<div class=)
[The Independent Community Bankers of America (ICBA) has requested regulators to block Sony Bank's application for a national trust charter to issue stablecoins. In a letter to the Office of the Comptroller of the Currency last week, the organization warned that the Japanese financial giant is exploiting regulatory loopholes to bypass traditional banking regulations. The ICBA described Sony Bank's application for its proposed subsidiary, Connecticut Trust, as an "unacceptable reinterpretation" of federal law and that it "could cause consumer confusion and harm in the event of bankruptcy." Sony Bank submitted its application in October to establish a company called Connectia, which will issue a stablecoin pegged to the U.S. dollar, maintain reserve assets, and provide digital asset custody services.]( Call for the Office of the Comptroller of the Currency to Block Sony Bank's Application for a National Trust Charter to Issue Stablecoins
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[Stablecoin issuer Tether is considering a $1.16 billion investment in the German tech startup Neura Robotics, which continues to explore new investment opportunities. Tether is negotiating a deal with Neura, which is expected to value the startup between $9.29 billion and $11.6 billion. In January of this year, Neura raised nearly $140 million in a funding round, with investors including BlueCrest, C4 Ventures, Lingotto, and Volvo Cars Tech Fund.
]( Or Lead a $1.16 Billion Investment in the German Robotics Startup<p class=)
[In-Depth & Outlook]( Or Lead a $1.16 Billion Investment in the German Robotics Startup<p class=)
[]( Overview of RWA Compliance Landscape: The Asset Tokenization Process Under Prudent Regulation in Hong Kong
The strategic core of Hong Kong is the government's direct involvement in promoting the implementation of tokenization technology to inject confidence into the market. On one hand, Hong Kong is pushing for the normalization of sovereign bond tokenization, having successfully issued two batches of tokenized green bonds totaling HKD 6.8 billion, and the government has announced plans to normalize its issuance and explore multi-currency and multi-term structures.
If inflation is suppressed through tightening policies, the capital market will stagnate; if growth is supported through easing policies, prices will rise again. The entire economic system has become self-contained, and to reduce debt or balance sheets will inevitably impact the core assets that maintain economic stability.
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[If relevant policies are successfully implemented, the liquidity of the U.S. dollar will improve, which will restore market confidence and attract institutional funds back into related markets such as ETFs and DAT, bringing incremental funds to the market.
]( $100,000, Continuous Large Outflows from ETFs, Is the Bear Market Really Here?<p class=)
