Hong Kong Web3 Daily Must-Read: BRICS launches gold-backed digital currency Unit, ZKsync to deprecate ZKsync Lite by 2026

Compiled by: Nona, Techub News

TinTinLand

Fear and Greed Index: 25 (Fear) Bitcoin Price: $90,524 BTC/ETH Spot ETF Fund Flows (12.8) BTC Net Outflow: $49.79M ETH Net Inflow: $11.83M

Hong Kong

BTC/ETH Spot ETF Fund Flows (12.8)

BTC Net Subscription: 11.43 BTC

ETH Net Subscription: 0 ETH

Peter Wu re-elected as member of the 8th Hong Kong Legislative Council

Voting for the 8th Legislative Council of the Hong Kong Special Administrative Region ended today. Peter Wu, a strong supporter of Hong Kong Web3 development, Web3Labs advisor, and Election Committee sector candidate, was successfully re-elected with 1,311 votes.

Selected Crypto Events in Hong Kong, December 2025

We have specially curated notable crypto events in Hong Kong for December, opening a window for you into the future of Web3.

Regulation/Macro

UAE National Security Bureau: Bitcoin has become a key pillar of future finance

Mohammed Al Shamsi of the UAE National Security Bureau stated: “Bitcoin has become a key pillar of future finance.”

Argentine Central Bank considers allowing banks to offer crypto trading services

The Central Bank of Argentina (BCRA) is considering lifting its long-standing ban on traditional financial institutions offering cryptocurrency trading and custodial services. Currently, BCRA regulations prohibit banks from providing or facilitating crypto trading, but President Javier Milei’s administration is evaluating regulatory reforms to allow banks to formally enter the market under a strict new framework.

Due to regulatory delays, South Korea’s plan to allow spot crypto ETF trading this year has basically fallen through

Due to delays in amending the Capital Markets Act, South Korea’s plan to allow spot crypto ETF trading this year has basically fallen through. Currently, four revisions related to the approval of spot crypto ETFs remain pending, and analysts point out that institutional restructuring at the Financial Services Commission and Financial Supervisory Service, as well as government stock market activation policies, have consumed significant policy resources, possibly pushing crypto asset institutionalization down the priority list.

BRICS countries launch gold-backed digital currency Unit

The BRICS group has launched a working prototype of a gold-backed trade currency called Unit. This digital trading tool is supported by a reserve basket containing 40% physical gold and 60% BRICS currencies, with equal weighting among the Brazilian Real, Chinese Yuan, Indian Rupee, Russian Ruble, and South African Rand. The pilot was initiated by IRIAS, which issued 100 Units on October 31, each initially pegged to 1 gram of gold.

US SEC to hold roundtable on crypto privacy issues on December 15

The US Securities and Exchange Commission (SEC) Crypto Special Working Group will hold a roundtable on December 15 to deeply discuss policy issues related to financial surveillance and privacy.

Project/Company Updates

Enterprise payments and financial platform Airwallex completes $330M funding round led by Addition

Enterprise payments and financial platform Airwallex has completed a $330M funding round at an $8B valuation, led by Addition, with participation from Activant, Lingotto, and TIAA Ventures. Airwallex also announced that San Francisco will become its second global headquarters, and its US team plans to expand to 400+ people in the coming year.

Upbit delayed reporting to regulators for over 6 hours after hacking incident

Upbit took over 6 hours after a hacking incident to report to financial regulators. This may have been due to its parent company Dunamu’s ongoing merger talks with tech giant Naver, and an effort to avoid negative impact from the disclosure. According to the Korean Financial Supervisory Service (FSS), Upbit held an emergency meeting 18 minutes after first detecting the attack, suspended Solana network asset deposits and withdrawals 27 minutes later, and halted all digital asset deposits and withdrawals from 8:55. However, it only reported to the FSS for the first time at 10:58. Despite the delayed reporting, regulators currently lack legal provisions to directly penalize or mandate compensation.

Binance obtains full regulatory authorization from Abu Dhabi Global Market Financial Services Regulatory Authority

Binance has obtained full regulatory authorization from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), becoming the first crypto exchange to acquire a global license under the ADGM framework.

Coinbase reopens registrations for Indian users and plans to launch fiat deposit channel next year

Coinbase has reopened registrations for Indian users and plans to launch a fiat deposit channel in 2026, allowing users to directly fund accounts to buy crypto. Previously, Coinbase entered the Indian market in 2022 but was forced to suspend operations due to UPI payment interface restrictions and fully exited in 2023. This year, it registered with India’s Financial Intelligence Unit (FIU) and began phased reopening of user access in October. Coinbase also plans to expand its 500-person team in India and continue investing in local exchange CoinDCX.

Robinhood to enter Indonesian market through acquisition of brokerage and crypto trading platform

Robinhood announced in a blog post on Sunday that it will acquire Indonesian brokerage Buana Capital Sekuritas and licensed digital asset trader Pedagang Aset Kripto. Robinhood did not disclose financial terms of the deal, which is expected to close in the first half of 2026. Major shareholder Pieter Tanuri will continue as a strategic advisor to Robinhood.

ZKsync to sunset ZKsync Lite in 2026

ZKsync plans to end support for ZKsync Lite (aka ZKsync 1.0)—the first ZK-rollup launched on Ethereum—in 2026. For now, everything operates as usual; ZKsync Lite will continue running normally. Funds remain safe, and withdrawals to L1 will be supported throughout the deprecation process. ZKsync will announce a detailed phase-out plan within the next year, and will soon release specific details, timelines, and migration guidance.

In-Depth & Insights

2025 Tether financial analysis: Needs an additional $4.5B in reserves to remain stable

I deliberately chose to use “investment liabilities” rather than “held reserves,” because Tether does not simply custody these funds with the same risk/tenor, but actively allocates assets and profits from the spread between its asset yields and its (nearly zero-cost) liabilities. All of this is conducted under broad asset management guidelines.

Underground Argentina: Jewish money houses, Chinese supermarkets, disillusioned youth, and the impoverished middle class

In 2015, Macri lifted foreign exchange controls, attempting liberal reforms, which ultimately failed and led to controls being reinstated in 2019. Will Milei’s reforms break this cycle, or will they bring deeper despair after another brief period of hope? No one knows the answer. But what is certain is that the underground world built by Jewish money lenders, Chinese supermarkets, and countless “inflation-immune” individuals has tremendous inertia and vitality. It provides shelter when official order collapses, and adapts or hibernates when it is restored.

Opinions

Is Pump Fun just a “cyclical product” or the next on-chain consumer super app?

In this week’s report, we will deeply analyze the data driving its growth, compare its core metrics to those during the market frenzy in Q1 this year, and explore whether Pump is just a fleeting “cyclical product,” or the beginning of the first true on-chain consumer super app.

What does it mean for Vanguard, Bank of America, and Charles Schwab to enter the crypto space?

Bitcoin took the lead, and Ethereum and other altcoins will likely follow on platforms that have yet to list them. As we mentioned in previous briefings, such capital flows tend to be more stable and less sensitive to short-term volatility, which in turn can reduce market fluctuations and attract more institutional capital.