[Hong Kong Only Allows Fiat-Backed Stablecoins, Applicants Must Have Capital of No Less Than HKD 25 Million] Louis Lui, a member of the Hong Kong Stablecoin Review Tribunal and Web3 Development Task Force, stated that currently, Hong Kong only permits fiat-backed stablecoins supported by legal tender. Applicants must have a capital scale of at least HKD 25 million and invest fiat funds in highly liquid, low-risk assets to ensure the reliable backing of the stablecoin's value. Additionally, issuers are required to undergo independent audits and provide compliance certifications to regulatory authorities.

Binance BNB/USDT is currently trading at $848.95, with a 5-minute decline of 0.06%. Please pay attention to market fluctuations.

[Six Major Japanese Asset Management Companies Plan to Launch Cryptocurrency Funds] Six major Japanese asset management companies have expressed their intention to launch cryptocurrency funds, with a combined asset management scale of $2.5 trillion. These companies include Mitsubishi UFJ Asset Management, Nomura Asset Management, SBI Global Asset Management, Daiwa Asset Management, Asemane One, and Amova Asset Management. Mitsubishi UFJ Asset Management is a subsidiary of Mitsubishi UFJ Financial Group, with total assets of approximately $2.7 trillion; Nomura Asset Management's parent company, Nomura Group, manages ¥153 trillion in client assets, accounting for 15% of Japan's wealth management market; as of March 2024, Daiwa Asset Management's asset management scale is approximately $213 billion. The aforementioned companies plan to launch cryptocurrency trust products targeting both retail and institutional investors.

[Hunan Province Court in China Rules Cryptocurrency Mining Contract Invalid, Losses to Be Borne by Participants] Recently, the People's Court of Guiyang County, Hunan Province, China, concluded a dispute case involving a cryptocurrency mining contract. The plaintiff, Hu Mou, collaborated with others to engage in cryptocurrency mining activities and filed a lawsuit over lost equipment, demanding the return of 570,000 yuan in investment funds. The court ruled to dismiss all of Hu Mou's claims. Based on the 'Notice on Further Preventing and Handling the Risks of Virtual Currency Trading and Speculation,' the court determined that cryptocurrency-related activities constitute illegal financial activities, rendering the related civil legal acts invalid, with losses to be borne by the participants themselves.

On November 20th, spot ETF liquidity data showed that Bitcoin (BTC) had an outflow of $903.11 million and Ethereum (ETH) had an outflow of $261.59 million; Solana (SOL) received $23.66 million in inflows, while Ripple (XRP) received $118.15 million in inflows. （Cointelegraph）