Wu Says Zhou Highlights: Mainland Enterprises' RWA Business in Hong Kong Plummets, Hong Kong Cracks Down on Cryptocurrency Cross-Border Tax Evasion, JPMorgan Does Not Believe the Market Is Turning Bearish - Top 10

Author | Wu Talks Blockchain

This Week’s Top 10 News

1. US November CPI Significantly Below Expectations link

US November overall and core CPI significantly below expectations and previous values, with YoY at 2.74%, consensus at 3.06%, previous at 3.01%; core YoY at 2.63%, consensus at 3.03%, previous at 3.02%.

White House economic advisor Kevin Hassett welcomed the latest Consumer Price Index (CPI) report on Thursday. He stated, “I’m not saying we’ve declared victory on inflation, but this CPI report is shockingly good. Wage growth has outpaced price increases, American taxpayers will receive substantial refunds next year, and the government will help lower mortgage rates. The Federal Reserve has plenty of room to cut rates.”

2. Bank of Japan Raises Interest Rate to 0.75% as Scheduled, 30-Year High link

The Bank of Japan raised its benchmark interest rate to the highest level in 30 years. BOJ Governor Ueda Kazuo said the policy board unanimously decided to raise rates by 0.25 percentage points to 0.75%, citing increasing likelihood of achieving economic outlook targets. Shortly after the announcement, the yen weakened against the dollar, trading near 156 yen, indicating the market has fully priced in the rate hike.

3. Mainland Enterprises’ RWA Business in Hong Kong Fully Cooled Down link

Mainland enterprises’ RWA business in Hong Kong has cooled significantly. Several consulting agencies revealed that in the past two months, business inquiries from mainland China have plummeted over 90%, and most projects contacted have been asked to delay. Stocks of listed companies related to RWA concepts, such as Longshine Group (300682.Sz) and GCL-Poly Energy (002015.SZ), have halved from their highs.

4. Hong Kong Launches Public Consultation on CARF/CRS: Plans to Automate Crypto Tax Data Exchange Starting 2028 link

Hong Kong SAR government has initiated public consultation on amendments to the Crypto Asset Reporting Framework (CARF) and Common Reporting Standard (CRS). Financial Secretary Paul Chan said the government will amend the Inland Revenue Ordinance (Cap. 112) to implement CARF and the new CRS, aiming to complete local legislation by 2026; with plans to start automatic exchange of crypto-related tax data with suitable partner jurisdictions from 2028 under the principle of reciprocity, and to implement the revised CRS from 2029. Exchange partners must meet confidentiality and security standards to combat cross-border tax evasion and maintain Hong Kong’s reputation as an international financial and commercial hub.

5. Bhutan Government Uses 10,000 BTC from Reserves to Promote Gelephu Mindfulness City GMC in the South link

The Bhutan government announced it will utilize 10,000 BTC from its reserves to advance the construction of Gelephu Mindfulness City (GMC) in the south. The project, launched in 2024, aims to establish a new special economic zone, attracting investment through finance, tourism, green energy, technology, healthcare, and agriculture, and alleviating youth outmigration. Data shows Bhutan currently holds about 11,286 BTC, worth approximately $986 million, making it the fifth-largest known national-level Bitcoin holder globally, mainly from mining.

6. Strategy Acquires 10,645 BTC for About $980.3 Million link

Strategy announced it has acquired 10,645 BTC at a cost of approximately $980.3 million, with an average purchase price of about $92,098. As of December 14, 2025, Strategy holds a total of 671,268 BTC, with a cumulative investment of about $50.33 billion, and an average cost of approximately $74,972.

7. Michael Saylor: Quantum Computing Won’t Destroy Bitcoin, Will Drive Network Upgrades link

Michael Saylor recently stated: The threat of quantum computing will not destroy Bitcoin; instead, it will promote network upgrades, making it more robust. The network will upgrade, active coins will be migrated, and lost or dormant coins will be permanently frozen. Security will be enhanced, reducing the actual circulating supply. Saylor’s view is based on discussions within the Bitcoin community about quantum threats: by introducing post-quantum cryptography, active users can migrate funds to new addresses, while about 20–25% of dormant or lost Bitcoin (including early P2PK addresses) will be unmovable, effectively reducing supply and increasing network security. This statement has sparked lively debate in the community, with some supporting its optimistic outlook, believing it will further reinforce Bitcoin’s scarcity; others worry about the difficulty of consensus upgrades and potential centralization risks.

8. Vitalik: Ethereum Needs to Simplify Protocols to Improve “Trustlessness” link

Ethereum co-founder Vitalik Buterin stated that true “trustlessness” involves not only rules being automatically enforced by code but also expanding the number of people who can understand the entire protocol from start to finish. If the protocol becomes so complex that only a few can understand and maintain it, it will still evolve into a system relying on trust in that small group. Vitalik pointed out that Ethereum needs to “make the protocol simpler” to improve this situation.

9. JPMorgan: Does Not Expect a New Crypto Winter link

JPMorgan’s latest research report states that although Bitcoin briefly fell to $81,000 last month and recorded its first YoY decline in 2023, it does not believe the market will enter a new crypto winter, maintaining a bullish outlook on the crypto trend. The report says this correction “has significance but does not alter the bull market structure,” and notes that the total stablecoin market cap has grown for 17 consecutive months, with no signs of structural deterioration in the ecosystem. Previously, Standard Chartered lowered its 2025 Bitcoin target price to $100,000.

10. Bitwise Makes Multiple Predictions for the 2026 Crypto Market: Bitcoin to Break Four-Year Cycle link

Bitwise released multiple forecasts for the 2026 crypto market, including: Bitcoin will break the four-year cycle and hit a new all-time high; Bitcoin’s overall volatility will be lower than Nvidia; ETF purchases of Bitcoin, Ethereum, and Solana will exceed new supply by over 100%; crypto-related stocks will outperform tech stocks; stablecoins may be blamed for destabilizing some emerging market currencies; on-chain vault products’ assets under management will double; if the US passes the CLARITY Act, Ethereum and Solana will reach new highs; about half of Ivy League endowments will allocate to crypto assets; the US will launch over 100 crypto-related ETFs; additional predictions include a decreasing correlation between Bitcoin and stock markets.

Key Financing Events

NYSE parent ICE in talks to invest in crypto payments company MoonPay, valuation around $5 billion link

Decentralized wireless protocol DAWN completes $13 million Series B funding link

Fuse Energy announces $70 million Series B funding led by Lowercarbon and Balderton link

Ethereum blockchain derivatives project ETHGas completes $12 million seed round link

Stablecoin payment fintech RedotPay announces $107 million Series B funding link

Tether leads $8 million funding for payment infrastructure company Speed1 link

YO Labs completes $10 million Series A funding led by Foundation Capital link

For more industry funding events, visit crypto-fundraising.info.