Hong Kong Web3 Daily Must-Read: The central bank has issued an action plan for the digital renminbi, Flow abandons the rollback and implements a phased network recovery.
Fear and Greed Index: 29 (Fear)
Bitcoin Price: $87,183
BTC/ETH Spot ETF Fund Flow (12.29)
BTC Net Outflow: $275.88 M
ETH Net Outflow: $38.70 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (12.29)
BTC Net Redemption: 14.09 BTC
ETH Net Redemption: 273.34 ETH
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Hong Kong is expanding its virtual asset regulation from "single-point regulation of trading platforms" to a "full licensing matrix" — independent licensing requirements will be established for the three major business lines: trading, consulting, and asset management, fully aligning with the traditional financial licensing system of 1/4/9.
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]( Selected Activities in Hong Kong for December
We have specially compiled noteworthy activities in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
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[Regulation/Macro]( Selected Activities in Hong Kong for December
We have specially compiled noteworthy activities in the crypto field in Hong Kong for December, which will open a window to the future of Web3 for you.
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Lu Lei, a member of the Party Committee and Vice President of the People's Bank of China, publicly stated that in order to effectively enhance the management quality and service capability of the digital renminbi, the People's Bank of China has issued the "Action Plan for Further Strengthening the Management Service System of Digital Renminbi and Related Financial Infrastructure Construction" (hereinafter referred to as the "Action Plan"), which will officially start implementation on January 1, 2026.
As Hainan Island enters the phase of customs closure operations, the Hainan Free Trade Port will complement rather than compete with Hong Kong in its overall positioning. Reports indicate that Hainan's core advantage lies in its backing by China, the world's second-largest economy, providing greater physical space and hinterland market, while Hong Kong will continue to focus on its role as a global trade and international financial center.
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As Hainan Island enters the phase of customs closure operations, the Hainan Free Trade Port will complement rather than compete with Hong Kong in its overall positioning. Reports indicate that Hainan's core advantage lies in its backing by China, the world's second-largest economy, providing greater physical space and hinterland market, while Hong Kong will continue to focus on its role as a global trade and international financial center.
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As Hainan Island enters the phase of customs closure operations, the Hainan Free Trade Port will complement rather than compete with Hong Kong in its overall positioning. Reports indicate that Hainan's core advantage lies in its backing by China, the world's second-largest economy, providing greater physical space and hinterland market, while Hong Kong will continue to focus on its role as a global trade and international financial center.
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As Hainan Island enters the phase of customs closure operations, the Hainan Free Trade Port will complement rather than compete with Hong Kong in its overall positioning. Reports indicate that Hainan's core advantage lies in its backing by China, the world's second-largest economy, providing greater physical space and hinterland market, while Hong Kong will continue to focus on its role as a global trade and international financial center.
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As Hainan Island enters the phase of customs closure operations, the Hainan Free Trade Port will complement rather than compete with Hong Kong in its overall positioning. Reports indicate that Hainan's core advantage lies in its backing by China, the world's second-largest economy, providing greater physical space and hinterland market, while Hong Kong will continue to focus on its role as a global trade and international financial center.
Chainalysis reported that hackers linked to North Korea stole over $2.17 billion in cryptocurrency in the first half of 2025, exceeding the total for all of 2024, setting a record for the highest annual total ever. Andrew Fierman, head of national security intelligence at Chainalysis, pointed out that relying solely on sanctions is far from enough; coordinated action from the entire industry is needed to combat North Korea's increasingly sophisticated hacking and money laundering ecosystem.
According to BitcoinTreasuries.NET, California's largest state pension fund, the California Public Employees' Retirement System (CalPERS), has purchased 183,444 shares of Strategy stock this year, valued at approximately $29 million.
According to X user Ai Yi's monitoring, Trend Research withdrew 20,850 Ethereum (valued at approximately $63.28 million) from Binance in the past hour, and subsequently lent out 40 million USDT through staking with an address starting with 0x8FD, possibly to continue accumulating. As of now, the institution's five addresses have a total of 600,850 Ethereum, worth a total of $1.82 billion.
Flow network validators have accepted the proposed software upgrade plan, and the network is entering the repair and testing phase. The current status is read-only mode. The network is online and generating blocks, but regular transaction processing remains suspended during the verification and testing of the repair protocol. This phase aims to ensure that all systems are synchronized correctly before entering the first phase of operational status. During the transition period, over 99.9% of Cadence accounts will restore full functionality.
U.S. listed crypto company Alt5 Sigma, supported by the Trump family, has not only failed to release its quarterly financial report on time after signing an agreement in August to acquire the crypto token WLFI issued by World Liberty Financial, a company owned by the Trump family, but has also changed its auditing firm this month. The newly hired accounting firm, Victor Mokuolu, has previously been fined by accounting regulatory agencies and failed to pass assessments in industry peer reviews.
A proposal in California to impose a 5% wealth tax on billionaires' net assets has sparked strong opposition from executives in the cryptocurrency industry. The proposal, named the "2026 Billionaire Tax Act," plans to levy a 5% tax on individuals or entities with a net worth exceeding $1 billion to fund healthcare and state assistance programs. Since the tax will partially target unrealized gains, it may force the wealthy to sell assets to pay taxes.
Mirae Asset Group is negotiating to acquire South Korea's fourth-largest cryptocurrency exchange, Korbit, with a transaction valuation of approximately 100 billion to 140 billion Korean won, equivalent to about $7 million to $10 million. This potential acquisition will be led by Mirae Asset Group's non-financial subsidiary, Mirae Asset Consulting, which has signed a memorandum of understanding with Korbit's major shareholders. Public information shows that Korbit is currently approximately 60.5% owned by NXC and its subsidiary Simple Capital Futures, with SK Square holding about 31.5%.
Sberbank, the Russian Federation's savings bank, announced that it has issued a pilot loan backed by cryptocurrency to Bitcoin miner Intelion Data. The scale, term, and collateral details of the loan have not been disclosed, and the related crypto assets will be custodied through Sberbank's self-developed Rutoken solution.
<div class=)[In-Depth & Outlook
]( Founder: Previous large transfers of LIT tokens are unrelated to airdrops, App will launch in the coming weeks
Vladimir Novakovski, founder and CEO of Lighter, stated in a Twitter Space interview that another upgrade is expected to take place in 12 hours, and announcements regarding the token TGE may be released soon. In response to the community's discovery of multiple large transfers of LIT tokens by the Lighter team, he confirmed that these are unrelated to airdrops but are for the custody of funds allocated to investors and the team. Additionally, he revealed that a universal margin system will allow L1 assets to be used as collateral on Lighter, and a mobile App will be launched in the coming weeks.
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[]( Founder: Previous large transfers of LIT tokens are unrelated to airdrops, App will launch in the coming weeks
Vladimir Novakovski, founder and CEO of Lighter, stated in a Twitter Space interview that another upgrade is expected to take place in 12 hours, and announcements regarding the token TGE may be released soon. In response to the community's discovery of multiple large transfers of LIT tokens by the Lighter team, he confirmed that these are unrelated to airdrops but are for the custody of funds allocated to investors and the team. Additionally, he revealed that a universal margin system will allow L1 assets to be used as collateral on Lighter, and a mobile App will be launched in the coming weeks.
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Our task as investors, entrepreneurs, and regulators is not to defend one logic while denying another, but to design systems that can accommodate both measurable and unknowable dimensions, ensuring that neither side becomes dominant on the scale.
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Views
]( The crypto market crash and outlook for 2026
Macro dependence dominates: The three major cryptocurrencies (Bitcoin, Ethereum, Solana) exhibit similar macro sensitivity to AI stocks, Federal Reserve policies, and fiscal spending, but the exclusive positioning differences are enormous.
<p class=)
[]( The Crypto Market Crash and Outlook for 2026
Macro dependence dominates: The three major cryptocurrencies (Bitcoin, Ethereum, Solana) exhibit similar macro sensitivity to AI stocks, Federal Reserve policies, and fiscal spending, but the exclusive positioning differences are enormous.
<p class=)
[]( The Crypto Market Crash and Outlook for 2026
Macro dependence dominates: The three major cryptocurrencies (Bitcoin, Ethereum, Solana) exhibit similar macro sensitivity to AI stocks, Federal Reserve policies, and fiscal spending, but the exclusive positioning differences are enormous.
<p class=)
[]( The Crypto Market Crash and Outlook for 2026
Macro dependence dominates: The three major cryptocurrencies (Bitcoin, Ethereum, Solana) exhibit similar macro sensitivity to AI stocks, Federal Reserve policies, and fiscal spending, but the exclusive positioning differences are enormous.
<p class=)
[]( The Crypto Market Crash and Outlook for 2026
Macro dependence dominates: The three major cryptocurrencies (Bitcoin, Ethereum, Solana) exhibit similar macro sensitivity to AI stocks, Federal Reserve policies, and fiscal spending, but the exclusive positioning differences are enormous.
Retail investors are cutting losses in fear, while institutions are aggressively building positions on the ruins. Interestingly, these institutions are not buying coins. If they are optimistic about coin prices, they could just buy BTC directly; why spend billions acquiring companies? They are buying trading platforms, licenses, custodians, payment channels, and clearing systems. What they are bottom-fishing is the entire infrastructure of the industry.
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]( $8.6 Billion in Transactions: Who Bought the Crypto Industry in 2025
Retail investors are cutting losses in fear, while institutions are aggressively building positions on the ruins. Interestingly, these institutions are not buying coins. If they are optimistic about coin prices, they could just buy BTC directly; why spend billions acquiring companies? They are buying trading platforms, licenses, custodians, payment channels, and clearing systems. What they are bottom-fishing is the entire infrastructure of the industry.
<div class=)
[]( $8.6 Billion in Transactions: Who Bought the Crypto Industry in 2025
Retail investors are cutting losses in fear, while institutions are aggressively building positions on the ruins. Interestingly, these institutions are not buying coins. If they are optimistic about coin prices, they could just buy BTC directly; why spend billions acquiring companies? They are buying trading platforms, licenses, custodians, payment channels, and clearing systems. What they are bottom-fishing is the entire infrastructure of the industry.
<div class=)[Stablecoins address the issues within the crypto market itself; their risks, failures, and successes are also seen as "endogenous phenomena" of this emerging ecosystem. From the perspective of the traditional financial system, they resemble a technological byproduct—limited in scale, closed in use, and controllable in impact.
]( 2049: Can Stablecoins Bridge the Gap?<p class=)
