Organized by: Nona, Techub News
**TinTinLand
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Fear and Greed Index: 15 (Fear)
Bitcoin Price: $91,658
BTC/ETH Spot ETF Fund Flow (11.17)
BTC Net Outflow: $96.97 M
ETH Net Inflow: $13.22 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (11.17)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
[
]( Observation of Hong Kong's Blockchain Regulatory Environment: Short-term Pessimistic, Long-term Optimistic
It is fundamentally difficult for the Hong Kong dollar stablecoin to be implemented, not just due to licensing issues, but the biggest obstacle is the limitations on the scope of business under risk control. For example, one of the biggest limitations of the current Hong Kong stablecoin policy is that end users must undergo KYC. This means that the Hong Kong dollar stablecoin has no secondary market and can only circulate within whitelisted addresses.
<p class=)[]( Observation of Hong Kong's Blockchain Regulatory Environment: Short-term Pessimistic, Long-term Optimistic
It is fundamentally difficult for the Hong Kong dollar stablecoin to be implemented, not just due to licensing issues, but the biggest obstacle is the limitations on the scope of business under risk control. For example, one of the biggest limitations of the current Hong Kong stablecoin policy is that end users must undergo KYC. This means that the Hong Kong dollar stablecoin has no secondary market and can only circulate within whitelisted addresses.
<p class=)[The JPEX incident is referred to as the largest cryptocurrency explosion event in Hong Kong's history. Since the Securities and Futures Commission (SFC) issued a warning in September 2023 about unlicensed operations and the platform freezing withdrawals, it triggered a wave of investor reports and police arrests within just a few days. Two years later, in November 2025, the police officially prosecuted 16 individuals and issued arrest warrants for 3 masterminds, with a total of 80 arrests and an involved amount exceeding 1.6 billion Hong Kong dollars.]( Multiple members have been red-flagged for arrest
[]( Multiple members have been red-flagged for arrest
](<p class=)
[](<p class=)[Hong Kong-listed company Boyaa Interactive announced its third-quarter earnings report. The report shows that the group's third-quarter revenue was approximately 128 million Hong Kong dollars, a year-on-year increase of about 11.4%; revenue for the first three quarters of 2025 was approximately 351 million Hong Kong dollars, a year-on-year increase of about 0.3%.
]( As of September 30, it held approximately 4,091 Bitcoins and 300 Ethereums<p class=)
[
]( Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
<div data-v-c679a437=)[Regulatory/Macro]( Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
<div data-v-c679a437=)[](
The International Consortium of Investigative Journalists (ICIJ) released a series of investigative reports titled "Coin Laundry," revealing how illegal funds are transferred through major exchanges such as Binance, OKX, Coinbase, Kraken, Bybit, and Kucoin. The tracked cryptocurrency funds are linked to global criminal groups, including hackers and drug trafficking. ICIJ Executive Director Gerard Ryle stated, "Our investigation raises several urgent questions: To what extent do large cryptocurrency exchanges facilitate criminal activities? Why are regulators struggling to keep up with a financial system driven by opacity and speed?"
The Malaysian Securities Commission (SC) proposed to allow licensed cryptocurrency exchanges to independently approve token listings starting in 2026. The proposal was published in the form of the "2025 Public Consultation Document No. 3," suggesting a liberalized listing framework that transfers decision-making power from regulatory agencies to exchanges. Under this model, exchanges registered as "recognized market operators" will be responsible for assessing whether tokens meet listing standards. As a condition for obtaining this authority, exchanges must comply with enhanced governance, security, and transparency requirements, ensuring that investor protection remains a top priority.
<div class=)[](Russian authorities arrested a resident of Tula region suspected of providing funding support to the Ukrainian armed forces through cryptocurrency. A criminal case has been initiated against the individual for treason.
<div class=)[](European Central Bank policymaker Olaf Sleijpen warned that a run on stablecoins could force the ECB to reconsider interest rates.
<div class=)[The main suspect in the 60,000 Bitcoin money laundering case, Qian Zhimin, was arrested with a digital device seized by the police. On the eve of the criminal trial in September 2025, she provided the access code for the device and the passwords for two cryptocurrency wallets, ultimately leading the police to discover that in addition to 61,000 Bitcoins, she also held other cryptocurrencies worth £67 million.
]( The main suspect in the 60,000 Bitcoin money laundering case also held XRP<div class=)
[Project/Company Updates]( 20%
The Japanese Financial Services Agency has decided to apply the Financial Instruments and Exchange Act to cryptocurrency assets and classify them as financial products. This regulation applies to the 105 cryptocurrencies currently circulating in Japan, such as Bitcoin and Ethereum, and requires exchange service providers to disclose information about price volatility risks. Additionally, profits from cryptocurrency trading will be subject to a 20% tax rate, which is on par with the stock trading tax rate, significantly down from the current maximum rate of 55%. The Japanese Financial Services Agency hopes to pass the relevant legislation during the regular parliamentary session next year.
<h3 dir=)[]( 20%
The Japanese Financial Services Agency has decided to apply the Financial Instruments and Exchange Act to cryptocurrency assets and classify them as financial products. This regulation applies to the 105 cryptocurrencies currently circulating in Japan, such as Bitcoin and Ethereum, and requires exchange service providers to disclose information about price volatility risks. Additionally, profits from cryptocurrency trading will be subject to a 20% tax rate, which is on par with the stock trading tax rate, significantly down from the current maximum rate of 55%. The Japanese Financial Services Agency hopes to pass the relevant legislation during the regular parliamentary session next year.
<h3 dir=)[
]( 20%
The Japanese Financial Services Agency has decided to apply the Financial Instruments and Exchange Act to cryptocurrency assets and classify them as financial products. This regulation applies to the 105 cryptocurrencies currently circulating in Japan, such as Bitcoin and Ethereum, and requires exchange service providers to disclose information about price volatility risks. Additionally, profits from cryptocurrency trading will be subject to a 20% tax rate, which is on par with the stock trading tax rate, significantly down from the current maximum rate of 55%. The Japanese Financial Services Agency hopes to pass the relevant legislation during the regular parliamentary session next year.
<h3 dir=)[]( 20%
The Japanese Financial Services Agency has decided to apply the Financial Instruments and Exchange Act to cryptocurrency assets and classify them as financial products. This regulation applies to the 105 cryptocurrencies currently circulating in Japan, such as Bitcoin and Ethereum, and requires exchange service providers to disclose information about price volatility risks. Additionally, profits from cryptocurrency trading will be subject to a 20% tax rate, which is on par with the stock trading tax rate, significantly down from the current maximum rate of 55%. The Japanese Financial Services Agency hopes to pass the relevant legislation during the regular parliamentary session next year.
<h3 dir=)[The Singapore Exchange (SGX) announced that it will launch Bitcoin and Ethereum perpetual futures for qualified institutional investors on November 24. According to SGX, these cryptocurrency perpetual contracts will be benchmarked against the iEdge CoinDesk cryptocurrency index, which provides real-time benchmark prices and reference rates for Bitcoin and Ethereum.]( Launching Bitcoin and Ethereum perpetual futures on November 24<p class=)
[]( Launching Bitcoin and Ethereum perpetual futures on November 24<p class=)[The dYdX community released a proposal to set the default funding rate for markets such as Fartcoin, Raydium, Pump, and Zora to 0. Voting will end on November 19 at 14:25 Hong Kong time.
]( The community released a proposal to set the default funding rate for markets such as Fartcoin to 0<p class=)
[]( The community released a proposal to set the default funding rate for markets such as Fartcoin to 0<p class=)[UK-listed company The Smarter Web Company announced that it has placed 230,000 ordinary shares under the terms of the subscription agreement announced on September 4. The total proceeds from this placement will be £140,548.74 (before expenses), equivalent to approximately £0.61 per share, and the company will receive about 98% of the funds as settlement early this week. According to the subscription agreement, the remaining unplaced ordinary shares amount to 13,240,500 shares.
]( The Smarter Web Company raised approximately £140,000 through the placement of new shares<p class=)
[]( The Smarter Web Company raised approximately £140,000 through the placement of new shares
According to data from Entropy Advisors cited by X user DeFi Kenshin, since June this year, Robinhood has tokenized 780 assets with a total value exceeding $7.43 million, including $5.1 million in stocks, $1.84 million in ETFs, and $286,000 in commodities. Additionally, the trading volume for minted tokenized assets exceeded $19.9 million, while the trading volume for burned assets reached $11.9 million.
<div class=)](
UBS Group announced that it has signed a memorandum of understanding with Ant International to jointly explore blockchain-based tokenized deposit innovation solutions to support Ant International's global payment settlement and liquidity management.
<p class=)UBS Group announced that it has signed a memorandum of understanding with Ant International to jointly explore blockchain-based tokenized deposit innovation solutions to support Ant International's global payment settlement and liquidity management.
<p class=)[The risks of DeFi lending do not lie in volatility, but in the reliance on hidden human decisions and recursive leverage that users cannot see regarding yields, collateral, and governance.](<div class=)
[Opinion]( StakeStone founder Charles: "Premature" for 28 years, x402 has endured to welcome its "future banking" era
This interview aims to understand, through the perspective of StakeStone founder Charles, why 2025 may be the intersection of "machine economy × blockchain × financial standardization," and how, in his view, the crypto-native digital bank hidden behind x402 could become a key piece in the next narrative.
<div class=)[Currently, most institutional RWA products focus on "narrow" and common types of securities (such as high-grade bonds, funds, money market equivalents, etc.), which only represent a small portion of the hundreds of billions of dollars in real-world asset value. However, all major asset management companies predict that by 2028, the scale of tokenized RWA will significantly grow to between $2 trillion and $16 trillion.
]( The next evolutionary stage of the RWA market<p class=)
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