We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for January, which will open a window to the future of Web3 for you.

South Korea's Second Phase of the "Virtual Asset Act" Delayed Due to Disputes Over Stablecoin Issuance

The legislative process for the second phase of South Korea's "Virtual Asset Act" has been delayed due to disputes over key provisions, which aim to provide more comprehensive regulation of digital assets, including stablecoins. Points of contention include the eligibility of issuers of Korean won stablecoins (banks or authorized enterprises), whether to relax the separation of financial and virtual asset businesses, and proposed limits on the shareholding ratio of major shareholders in exchanges set at 15%-20%. The delay in legislation has also stalled discussions on virtual asset spot ETFs and the participation of listed companies in virtual asset trading.

UK FCA: Further Regulatory Rules for Cryptocurrency Asset Businesses Open for Consultation, Now in Final Consultation Stage

The UK Financial Conduct Authority (FCA) has initiated a consultation on further regulatory rules for cryptocurrency asset businesses, stating that key rules are now in the final consultation stage. The FCA noted that this round covers 10 regulatory proposals aimed at promoting the establishment of an "open, sustainable, and competitive" cryptocurrency market, while emphasizing that market risks still exist, and regulation "cannot and should not" eliminate all risks, hoping that investors fully understand the associated risks.

Japan's Financial Services Agency Plans to Lift Ban on Bitcoin and Other Spot ETFs as Early as 2028, SBI and Nomura Have Started Product Preparation

Japan's Financial Services Agency is expected to lift the ban on Bitcoin and other spot cryptocurrency ETFs by 2028 and plans to amend the implementation order of the "Investment Trust Law" to include virtual currencies in the category of "specific assets" that can be invested in investment trusts.

Suspect in Over $40 Million Cryptocurrency Theft from US Government May Have Family Ties to CMDSS Executive

ZachXBT tweeted that John Daghita, suspected of stealing over $40 million in cryptocurrency from the US government, may be the son of the CEO of CMDSS. ZachXBT stated that CMDSS had received contracts from the US government to handle seized cryptocurrencies, but it is currently unclear how Daghita gained access to the relevant permissions.

Project/Company Updates

Aperture Finance: V3/V4 Contracts Undergo Vulnerability Attack, Frontend Suspended for Investigation

Aperture Finance tweeted that its V3/V4 contracts have encountered a vulnerability attack, and the team has stopped core frontend functions to prevent new authorizations, and is working with security partners to investigate the cause. Aperture Finance reminds users to immediately revoke all authorizations related to Ethereum mainnet contracts, and further updates will be provided after the incident review.

PeckShield: SwapNet Hacked, Suspected Authorization Vulnerability Resulting in Approximately $16.8 Million in Assets Stolen

Matcha Meta reported that SwapNet has a security vulnerability, and users who did not enable the "one-time authorization" feature are at risk. As of now, the stolen cryptocurrency assets are valued at approximately $16.8 million; among them, on the Base chain, the attacker has exchanged about 10,500,000 USDC for approximately 3,655 Ethereum and has begun transferring funds across chains to the Ethereum mainnet. Relevant risk disposal suggestions will depend on subsequent announcements from the project party and aggregators, and users may consider checking and revoking authorizations outside of non-"one-time authorization" contracts.

South Korean Cryptocurrency Exchange Coinone Plans to Advance Equity Adjustment, Major Shareholder Considering Selling Partial Shares

South Korean cryptocurrency exchange Coinone is considering advancing an equity sale arrangement, which may involve partial shares held by major shareholder and chairman Cha Myung-hoon. Cha Myung-hoon holds a total of 53.44% equity through The One Group and personally. A Coinone spokesperson stated that discussions are ongoing with overseas exchanges and local financial institutions regarding various cooperation plans, including equity investment, but specific methods have not yet been determined. The market is also concerned about whether the second-largest shareholder Com2uS, holding 38.42% of shares, will also participate in the adjustment, with relevant transaction progress subject to the company's and regulatory disclosures.

a16z-backed Entropy Announces Shutdown, Will Return Remaining Funds to Investors

a16z-backed decentralized custody startup Entropy has announced its closure and will return remaining funds to investors. The company's founder and CEO Tux Pacific stated that after approximately four years of operation, several business pivots, and two rounds of layoffs, the team failed to find a business model that matched the scale of venture capital. Entropy had completed a $25 million seed round led by a16z crypto in June 2022, raising a total of approximately $27 million. The company was initially positioned as a decentralized alternative to centralized custody solutions but later pivoted towards a crypto automation platform.

Coinbase Integrates Jupiter to Support Direct In-App Trading of Solana Tokens

Coinbase has integrated Jupiter to support direct in-app trading of Solana tokens, a feature available to users in the US (excluding New York) and Brazil.

In-Depth & Outlook

a16z | Racing Against Quantum Computing: A Cautious Transition Guide to Post-Quantum Cryptography for Blockchain

The real challenge in successfully transitioning to post-quantum cryptography lies in matching urgency with actual threats. Below, I will clarify common misconceptions about the threat of quantum computing to cryptography, covering encryption, signatures, and zero-knowledge proofs, with a particular focus on its impact on blockchain.

Afghan Stablecoin, An Unexpected Crypto Innovation

Perhaps many would not imagine that this blockchain-based cash transfer innovation comes from a country under the authoritarian rule of the Taliban, which is skeptical of the internet. However, in this almost isolated nation, an Afghan startup is developing tools aimed at changing the way humanitarian aid is provided in a country ravaged by conflict.

Opinions

All for Hedging: Why Bitcoin Can't Outperform Gold?

For a long time, Bitcoin has been touted as "digital gold," but this narrative is facing severe challenges amid recent market volatility triggered by Trump's tariff policies and Arctic geopolitical tensions. While gold prices steadily rise and approach the $5,000 mark, Bitcoin's performance has been lackluster.

Can the Privacy Track Finally Be Vindicated? Three Potential Directions Worth Watching

Over the past decade, blockchain privacy technology has often been misunderstood as a tool for money laundering or a haven for hackers. This early form of "indiscriminate anonymity" has repeatedly faced setbacks due to its inherent opposition to the global financial regulatory system. However, a Privacy 2.0 paradigm centered on "programmable compliance" has emerged and is becoming the cornerstone of the next generation of Web3 infrastructure.

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