Compiled by: Nona, Techub News
TinTinLand
Fear of Greed Index: 17 (Extreme Panic)
Bitcoin price: $85,940
BTC/ETH Spot ETF Fund Flows (December 17)
Net outflow of BTC: $45.37 M
ETH net inflow: 0
Hongkong
BTC/ETH Spot ETF Fund Flows (December 17)
Net BTC subscriptions: 0 BTC
Net ETH subscriptions: 0 ETH
The Hong Kong court has postponed the hearing of the US$206 million JPEX fraud case until March.
In the JPEX fraud case in Hong Kong, prosecutors have been granted an adjournment until next year to allow for the review of case files at a hearing on Monday at the Eastern Magistrates' Courts in the city. The next hearing is scheduled for March 16, where a group of social media influencers accused of promoting JPEX and acting as "frontmen" for its over-the-counter cryptocurrency trading shops will appear in court.
The Hong Kong Securities and Futures Commission (SFC) has added the "Hong Kong Stablecoin Exchange" to its list of suspicious virtual asset trading platforms.
The Hong Kong Securities and Futures Commission (SFC) has announced that it has added the "Hong Kong Stablecoin Exchange" to its list of suspicious virtual asset trading platforms. The SFC stated that the entity's claimed virtual asset trading platform is suspected of engaging in unlicensed activities/fraudulent activities related to virtual assets. The entity also falsely claimed to be "jointly established by the Hong Kong Stock Exchange, the Stock Exchange of Hong Kong, and the Hong Kong Futures Exchange," when in fact it has no connection with any of these three exchanges.
RedotPay completes $107 million Series B funding round
Hong Kong-based stablecoin payment fintech company RedotPay has raised $107 million in Series B funding, led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, and Circle Ventures, among others. Existing investors include HSG (formerly Sequoia Capital China). RedotPay provides global payment services using stablecoins and states that it currently has over 6 million registered users in more than 100 markets worldwide.
Selected Events in Hong Kong in December 2025
We've compiled a list of noteworthy crypto events in Hong Kong this December, which will open a window to the future of Web3.
Regulation/Macro
The Japanese government plans to implement a "separate reporting and taxation" system for crypto assets starting in January 2028.
The Japanese government plans to implement a separate taxation system for crypto assets starting in January 2028. While the market widely expects the new tax system to be implemented simultaneously with the Financial Instruments and Exchange Act (FIE) in 2027, the actual implementation time may be longer. Under the current tax system, profits from crypto asset trading are considered "miscellaneous income" and are taxed together with other income at a rate as high as 55%. Industry insiders have long advocated for adjusting the crypto asset tax system to a separate taxation rate of 20%, the same as traditional assets such as stocks.
Bhutan will invest 10,000 bitcoins to develop a "City of Mindfulness".
Bhutan will use 10,000 Bitcoins (approximately $875 million) from its Bitcoin reserves to build Gelephu Mindfulness City. Located in Gelep, southern Bhutan, the project, launched in 2024, aims to prevent the outflow of young Bhutanese by creating high-value local jobs and becoming a new economic hub for Bhutan. The project will be implemented in phases over the next 20 years and has already introduced crypto payments in merchants and tourism services, as well as launched TER, a national sovereign digital token pegged to physical gold.
The Shanghai branch of the People's Bank of China stated that there is no room for speculation in the digital yuan, and there are no so-called "exchange subsidies" or "transaction rebates."
The Shanghai branch of the People's Bank of China reminds the public that the digital yuan is a digital form of legal tender, employing a two-tier operating structure of "central bank - digital yuan business operation institution." No private promotion centers have been established, and there is no examination for digital yuan promoters. The digital yuan has no room for speculation, and there are no so-called "exchange subsidies" or "transaction rebates." It will not promote high commissions or high returns from cryptocurrency trading, nor will it induce users to disclose sensitive personal information or participate in pyramid schemes. When faced with so-called "digital yuan investments" promising "high returns" and "guaranteed profits," remain vigilant and do not easily believe them to avoid being scammed and suffering financial losses. If you suspect you have been scammed, report it to the police immediately.
The South Korean government mistakenly distributed $15 million in small business relief funds to cryptocurrency holders.
A South Korean audit has found that the government mistakenly issued more than $15 million in debt relief funds to 269 cryptocurrency traders. These funds were intended to help small businesses affected by the COVID-19 pandemic.
The Bank of Canada has announced its stablecoin standards, requiring a 1:1 peg to fiat currency.
Bank of Canada Governor Tiff Macklem announced at the Montreal Chamber of Commerce on Tuesday that Canada will only approve stablecoins pegged 1:1 to the central bank's currency and backed by high-quality liquid assets. These assets primarily include Treasury bills and government bonds, ensuring that stablecoins can be easily exchanged for cash. The framework will also require issuers to hold adequate reserves, establish redemption policies, and implement risk management measures.
The Marshall Islands completes the world's first blockchain-based universal basic income distribution.
The Marshall Islands has successfully completed the world's first blockchain-based Universal Basic Income (UBI) distribution, using the digital sovereign bond USDM1 on the Stellar blockchain. This multi-million dollar project, named ENRA, was developed by the Marshall Islands government in partnership with the Stellar Development Foundation (SDF) and infrastructure provider Crossmint. It aims to replace traditional quarterly in-kind cash distributions, providing direct digital transfers to citizens scattered across the islands. USDM1 is a dollar-denominated sovereign bond fully backed by short-term U.S. Treasury bonds and distributed through the Stellar distribution platform to a custom digital wallet application called Lomalo.
Russia will expand its ban on cryptocurrency mining, with two Siberian regions under a year-round ban.
The Russian government plans to impose a year-round ban on cryptocurrency mining in the Republic of Buryatia and the Transbaikal Territory starting in 2026. Currently, these regions only have a temporary ban in effect during the winter (November 15, 2025 to March 2026), but a draft document from the government's Electricity Industry Development Committee indicates that these restrictions will be extended to permanent measures. This move is the latest in Russia's crackdown on cryptocurrency mining, with at least 10 regions already implementing long-term mining bans that will last until the spring of 2031. The Russian Energy Ministry previously stated that it is closely monitoring the energy situation in these regions and is prepared to take swift action.
Project/Company Updates
CoinGate obtains Lithuanian MiCA license
Crypto payment service provider CoinGate has obtained a MiCA (European Crypto Asset Market Regulation) license from the Lithuanian regulator, which will allow it to operate in Europe as a compliant crypto asset service provider in accordance with the EU MiCA harmonized regulations.
The Hyper Foundation has proposed that HYPE held by the aid fund be considered destroyed and permanently removed from circulation and total supply.
The Hyper Foundation announced on the X platform that it proposes validator voting to formally confirm the burning of the aid fund's HYPE tokens and permanently remove them from circulation and total supply. The aid fund automatically converted transaction fees into HYPE during L1 execution. Similar to the zero address, the aid fund's system address never possessed the private key controlling its funds. Unless a hard fork is performed, the funds are mathematically unrecoverable. Since these tokens already reside in a system address without a private key, no on-chain operations are required.
Exodus and MoonPay plan to launch a USD stablecoin in early 2026.
Self-custodial wallet company Exodus Movement is partnering with MoonPay and M0 to launch a USD-backed stablecoin. Built on M0's infrastructure and issued and managed by MoonPay, the stablecoin is expected to complement Exodus Pay, an upcoming payment feature in the Exodus App, allowing users to spend and manage funds while earning rewards. The stablecoin is planned for early 2026, with more details regarding supported networks, availability, and product integration to be announced closer to the launch date.
Coinbase and Robinhood join the "US Tech Squad" program, supplying technical talent to the US government.
The Trump administration launched the "U.S. Tech Force" program this Monday, a two-year initiative aimed at deploying technology experts to federal agencies. It plans to recruit approximately 1,000 engineers and technology specialists to work in multiple federal agencies, including the Treasury and Department of Defense, on AI infrastructure and other critical technology projects. Coinbase and Robinhood are two of nearly 30 private sector partners, including major tech companies such as OpenAI, Nvidia, and Microsoft. Participants can earn between $150,000 and $200,000 annually and, upon completion of their government service, can seek employment opportunities with private sector partners. Sources indicate that this move is seen as a step towards transforming the crypto industry from a "regulated entity" into a government-recognized provider of technology capabilities.
JD.com relaunches its digital collectibles business; its "Lingxi" platform launches a new digital asset transfer service.
JD.com's digital asset platform "Lingxi" announced today (December 16) that the transfer function will be available for newly issued digital assets starting from December 15. The time for the transfer function to be available for existing assets is yet to be determined.
Visa opens stablecoin settlement services to US institutions, supporting USDC on the Solana blockchain.
Visa will allow U.S. institutions to settle transactions via Solana using the USDC token. Cross River Bank and Lead Bank are among the first banks to use the service. Visa will also support the Arc network once it launches.
In-depth & Foresight
2025 Crypto Keywords: Stablecoins, Prediction Markets, DAT...
Putting aside its dominant position, Bitcoin has made significant strides in the broader mainstream world this year, becoming a U.S. "national reserve asset" and attracting continuous buying from numerous listed companies and ETFs.
The new bank will no longer focus solely on banking operations.
Some new banks derive value through earnings and savings. Others derive value through payment volume and stablecoin circulation. Still others position themselves closer to the infrastructure layer, where profit margins are drastically different.
Opinion
The US SEC concludes a four-year investigation; Aave DAO and Labs battle for control. What has Aave been through recently?
Aave founder and CEO Stani Kulechov tweeted early this morning that the U.S. Securities and Exchange Commission (SEC) has officially concluded its four-year investigation into the Aave protocol. He remarked, "The Aave team has invested tremendous effort and resources to protect Aave, the ecosystem, and the broader DeFi space. In recent years, DeFi has faced unfair regulatory pressure. We are excited to break free from these constraints and enter a new era where developers can truly build the future of finance."
The Fed's "successor" has reversed course: from a "loyal dove" to a "reformist"—has the market script changed?
Choosing Hassett would be a liquidity frenzy, with the Federal Reserve, following the White House's lead, likely becoming the stock market's cheerleader. In the short term, the Nasdaq and Bitcoin might soar to the moon, but at the cost of long-term runaway inflation and further collapse of the dollar's credibility. Choosing Warsh, on the other hand, would likely bring about a surgical reform. In the short term, the market might experience withdrawal symptoms due to tightening liquidity, but long-term capital and Wall Street bankers would feel more secure due to the support of "deregulation" and "sound currency."
