整理：Nona，Techub News
**TinTinLand
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Fear and Greed Index: 24 (Fear)
Bitcoin Price: $90,827
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $87.77 M
ETH Net Outflow: $65.59 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription: 72.56 BTC
ETH Net Subscription: 0 ETH
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](Selected Activities in Hong Kong for December
We have specially compiled noteworthy activities in the crypto space in Hong Kong for December, which will open a window to the future of Web3 for you.
<div data-v-c679a437=)[Regulation/Macro](Selected Activities in Hong Kong for December
We have specially compiled noteworthy activities in the crypto space in Hong Kong for December, which will open a window to the future of Web3 for you.
<div data-v-c679a437=)[](
Due to the recent hacking incident involving approximately 40 billion Korean won at Upbit, which exposed regulatory gaps, the South Korean Financial Services Commission is advancing the "Phase Two Legislation on Virtual Assets," proposing that platforms be held liable for damages similar to the banking industry in the event of hacking attacks or system failures at virtual asset exchanges.
The Chairman of the U.S. Securities and Exchange Commission (SEC) recently stated in an interview that Bitcoin and broader cryptocurrency assets are expected to become the underlying foundation of the global financial system in the coming years, "this will be the direction of world development." He mentioned that traditional financial infrastructure is expected to gradually transition to crypto-native technologies, and the role of cryptocurrency assets in global capital flows and financial markets will continue to increase.
<div class=)[](On December 6, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the eighth member meeting of the China Securities Association that current financial technology innovation is in full swing, profoundly changing and even reshaping the financial market ecosystem. Industry institutions should be adept at adapting to changes, actively researching, steadily exploring, and promoting the layout and application of technologies such as artificial intelligence, big data, and blockchain in the capital market. He stated that the CSRC will work with industry associations to streamline the mechanism for innovative pilot projects in the securities industry, enrich regulatory sandbox applications, and improve monitoring and risk response mechanisms for financial innovation activities.
<div class=)[The Pakistani Ministry of Finance held a consultation meeting on the national digital asset framework, attended by senior leaders from the State Bank of Pakistan, presidents of major banks in Pakistan, and Binance co-CEO Richard Teng, among other senior executives. The meeting focused on the next steps Pakistan should take in building a secure, transparent, and innovation-driven digital asset ecosystem, including: responsibly promoting on/off-ramp infrastructure, strengthening compliance and anti-money laundering/anti-terrorism financing standards, and enhancing transparency in the digital market.
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A legislator in Indiana has proposed a cryptocurrency-centered bill. The bill requires that retirement and savings plans used by public employees must offer cryptocurrency trading funds as an investment option. Additionally, the legislation will limit local governments' ability to create "unreasonably" restrictive rules regarding the use of digital assets in payments, cryptocurrency mining, or personal self-custody of digital assets. The bill has been submitted to the Indiana House Financial Institutions Committee.
The European Commission plans to transfer regulatory authority over cryptocurrency companies to the EU's market regulatory agencies as part of a "comprehensive integration" package for financial markets. The European Commission stated that incorporating cryptocurrency regulation into the European Securities and Markets Authority (ESMA) will make regulation more effective and facilitate cross-border activities. This move aims to address the fragmentation caused by differences in regulatory approaches among the 27 member states. Previously, individual national regulators, including France's AMF, Austria's FMA, and Italy's Consob, expressed concerns about the implementation of MiCA and called for ESMA to strengthen its controls. The proposal still needs to be negotiated and approved by the European Parliament and the European Council.
[](
a16z published an article stating that Bitcoin faces two major real-world challenges, making its transition to quantum-resistant digital signatures urgent. The first is the issue of governance efficiency; the upgrade process of Bitcoin is extremely slow. If the community cannot reach a consensus on solutions, any controversial issue could lead to a destructive hard fork. The second is the issue of proactive migration; the transition of Bitcoin to quantum-resistant signatures cannot be passively completed; holders must actively migrate their assets. This means that a large number of dormant coins, vulnerable to quantum attacks, will lose protection. It is estimated that the number of Bitcoins vulnerable to quantum attacks and likely to be abandoned could reach millions, with a current market value of up to hundreds of billions of dollars.
U.S. financial services group Clear Street plans to initiate its public listing process as early as January 2026. Clear Street has recently become one of the important underwriters for cryptocurrency-related stock issuances, having provided underwriting services for Bitcoin treasury company Strategy multiple times, and has also served as an underwriter for projects such as Trump Media & Technology Group. The specific timeline and valuation arrangements for the listing are still pending further disclosure from the company and regulators.
U.S. investor Anthony Pompliano announced that his Bitcoin financial services company ProCap Financial has officially completed its merger and acquisition and will begin trading on Nasdaq on Monday, December 8, under the stock code BRR.
Ondo Finance has submitted its tokenized securities roadmap to the U.S. Securities and Exchange Commission (SEC), stating that direct registration, beneficial ownership, and packaged and associated securities ownership models coexist in today's financial markets and play important roles on-chain.
On December 6, Jupiter announced on X that the public sale phase of WET will restart at 11 PM Beijing time on December 8. Jupiter will collaborate with the HumidiFi team to enhance and improve anti-bot measures. Since the currently deployed WET tokens are stored in a completed locked pre-sale vault and cannot be retrieved, the team will mint a new token to support the restart of the public sale.
Franklin Templeton officially released details of its spot Solana ETF, which has an initial SOL holding of 17,000 tokens (custodied by Coinbase Custody), with a holding market value of approximately $2.4 million. Additionally, the current number of circulating shares for this ETF is 100,000, with a trading fee rate of 0.19%. The fund will stake the SOL it holds to earn rewards and will include the related SOL staking rewards in its income.
Grayscale has submitted an S-1 registration statement to the U.S. SEC, applying to launch the Grayscale Sui Trust (SUI) ETF.
Canada's National Bank, with assets of $398 billion, disclosed that it has purchased 1.47 million shares of Bitcoin treasury company Strategy (MSTR), valued at approximately $273 million.
<div class=)[In-Depth & Outlook]( Planning to List on Hong Kong Stock Exchange as Early as December 17, Expected to Raise at Least $200 Million
HashKey Holdings Ltd. plans to initiate subscriptions for its IPO (Initial Public Offering) in Hong Kong as early as next week, aiming to raise at least $200 million, with a potential listing on the Hong Kong Stock Exchange as early as December 17. Insiders added that details such as the scale and timing of this IPO may still change.
[]( Planning to List on Hong Kong Stock Exchange as Early as December 17, Expected to Raise at Least $200 Million
HashKey Holdings Ltd. plans to initiate subscriptions for its IPO (Initial Public Offering) in Hong Kong as early as next week, aiming to raise at least $200 million, with a potential listing on the Hong Kong Stock Exchange as early as December 17. Insiders added that details such as the scale and timing of this IPO may still change.
<h3 dir=)[]( Planning to List on Hong Kong Stock Exchange as Early as December 17, Expected to Raise at Least $200 Million
HashKey Holdings Ltd. plans to initiate subscriptions for its IPO (Initial Public Offering) in Hong Kong as early as next week, aiming to raise at least $200 million, with a potential listing on the Hong Kong Stock Exchange as early as December 17. Insiders added that details such as the scale and timing of this IPO may still change.
<h3 dir=)[]( Planning to List on Hong Kong Stock Exchange as Early as December 17, Expected to Raise at Least $200 Million
HashKey Holdings Ltd. plans to initiate subscriptions for its IPO (Initial Public Offering) in Hong Kong as early as next week, aiming to raise at least $200 million, with a potential listing on the Hong Kong Stock Exchange as early as December 17. Insiders added that details such as the scale and timing of this IPO may still change.
<h3 dir=)[]( The True Face of Web3
From the "Crypto Valley" in Zug, Switzerland, to the Station F incubator in Paris; from Berlin Blockchain Week to the DeFi innovation community in Amsterdam, this ancient continent has been writing a narrative of crypto that is distinctly different from that of the United States and Asia. As we shift our focus from the crypto frenzy in the U.S., Japan, South Korea, and the Middle East to this relatively tranquil world, a question arises: What kind of special existence does Europe hold in the landscape of the crypto world?
<p class=)[]( The True Face of Web3
From the "Crypto Valley" in Zug, Switzerland, to the Station F incubator in Paris; from Berlin Blockchain Week to the DeFi innovation community in Amsterdam, this ancient continent has been writing a narrative of crypto that is distinctly different from that of the United States and Asia. As we shift our focus from the crypto frenzy in the U.S., Japan, South Korea, and the Middle East to this relatively tranquil world, a question arises: What kind of special existence does Europe hold in the landscape of the crypto world?
<p class=)[The U.S. military may well be the most formidable investment club in the world, dominating in this bull market. Active-duty military personnel are raking in profits in tech stocks and the Bitcoin market, even exchanging niche cryptocurrency investment insights on aircraft carrier decks. As the stock market continues to hit new highs, new Porsche and Hummer vehicles are increasingly seen in military base parking lots, while combat-clad influencers share wealth-building secrets with their followers on social media.](<p class=)
[Opinions](<p class=)
[For a long time, the U.S. has faced a dilemma in cryptocurrency regulation due to the unclear division of responsibilities between the SEC and CFTC. With both parties launching the "Project Crypto" initiative and the "Crypto Sprint" program, this "territorial dispute" has come to an end, and the situation is beginning to change positively.
]( Will the CFTC's Official Opening of Cryptocurrency Spot Product Trading Be a New Starting Point for Reshaping the U.S. Digital Commodity Market?<p class=)
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