Weekly Preview | The EU, UK, Hong Kong, and other countries and regions implement new regulations on digital assets; Hyperliquid (HYPE) unlocks approximately $256 million worth of tokens

Top News Preview:

• Hyperliquid (HYPE) will unlock approximately 9.92 million tokens at 3:30 PM Beijing time on December 29, representing about 2.87% of circulating supply, valued at approximately $256 million;
• The EU Digital Asset Tax Transparency Act will take effect on January 1, requiring crypto service providers to collect and report user transaction information;
• Upbit will conduct server maintenance and routine asset audits on January 1, during which all services will be suspended;
• The Hong Kong Monetary Authority will implement the Basel crypto asset capital rules starting January 1, 2026;
• Sui (SUI) will unlock approximately 43.69 million tokens at 8:00 AM Beijing time on January 1, representing about 1.17% of circulating supply, valued at approximately $63.4 million.

December 29

Exchanges:

Guotou Silver LOF: From December 29, restrict A-class fund fixed investment amount to 100 yuan

Guotou Silver LOF announced that the fixed investment amount for A-class fund shares will be limited to 100 yuan, starting from December 29, 2025. Previously, the maximum subscription for current A-class shares was 500 yuan. Recently, silver prices surged to $69 per ounce, attracting large inflows, with the fund’s on-market premium reaching as high as 68.19%, sparking arbitrage activity. However, fund managers issued risk warnings and suspended trading to cool down, noting that high premiums are unsustainable and investors should beware of potential losses from premium convergence and silver price volatility. After suspension on December 25, the fund opened with a limit down, and the premium rate fell back to 45.45%. Experts warn that silver prices may face short-term technical corrections, and caution is advised for investments.

Token Unlocks:

Hyperliquid (HYPE) will unlock approximately 9.92 million tokens at 3:30 PM Beijing time on December 29, representing about 2.87% of circulating supply, valued at approximately $256 million.

December 30

Exchanges:

Binance will delist FDUSD margin trading pairs such as EIGEN/FDUSD, ARB/FDUSD on December 30

According to Binance’s announcement, the platform will delist FDUSD-denominated cross and isolated margin trading pairs including EIGEN/FDUSD, ARB/FDUSD, TRUMP/FDUSD at 14:00 (UTC+8) on December 30, 2025. Lending functions for these isolated margin pairs will be suspended starting December 24. Users are advised to close positions and transfer assets to spot accounts before delisting to avoid potential losses.

Project Updates:

Web3 gaming studio ChronoForge to shut down on December 30 due to funding shortages

Web3 gaming studio ChronoForge will cease operations after months of significantly reduced team size. This shutdown highlights the severe financial pressures facing the Web3 gaming industry amid current market downturns. The studio announced that all services will cease by December 30, citing “many adverse factors,” including funding shortages. Since July, funding shortfalls have forced founders to self-fund development, and staff have been reduced by 80%. Despite financial pressures, the team continued operations, releasing patches and new features, “despite having no marketing budget, revenues below maintenance levels, losing co-developers, and a very poor market sentiment for Web3 games.”

ChronoForge was developed by Minted Loot Studios. Its affiliated entity, Rift Foundation, oversees the token and ecosystem management. The foundation raised over $3 million through RIFT token sales to support development. The project launched in 2022, debuting its first NFT series and initiating early community building.

Padre: PADRE holders to receive PUMP based on holdings, must submit wallet address by December 30

After being acquired by Pump.fun, Padre announced that, based on the snapshot taken on October 24, PADRE token holders will receive PUMP tokens proportional to their holdings. Holders must submit their Solana wallet addresses by December 30 to claim tokens. Previously, Pump.fun stated in a tweet about the acquisition that “PADRE tokens will no longer have utility on the platform,” which sparked strong opposition, leading to the above measures.

Token Unlocks:

Kamino (KMNO) will unlock approximately 229 million tokens at 8:00 PM Beijing time on December 30, representing about 5.35% of circulating supply, valued at approximately $11.8 million;

Slash Vision Labs (SVL) will unlock approximately 234 million tokens at 8:00 AM Beijing time on December 30, representing about 2.96% of circulating supply, valued at approximately $6.8 million;

Zora (ZORA) will unlock approximately 166 million tokens at 8:00 AM Beijing time on December 30, representing about 4.17% of circulating supply, valued at approximately $6.7 million.

December 31

Macroeconomics:

December 31, 3:00 AM, Federal Reserve releases minutes of the December monetary policy meeting.

Exchanges:

Binance will cease Binance Live platform services on December 31, but Binance Square will continue offering live streaming

Binance will stop its Binance Live platform services on December 31, 2025. Afterward, Binance Square will continue providing live streaming services. The Binance Live web and app platforms will be inaccessible starting 07:59 (UTC+8) on January 1, 2026. From the announcement date until 08:00 on December 1, 2025 (UTC+8), hosts who have created at least one Binance Live session will automatically gain access to Binance Square live streaming at 08:00 on December 1, 2025. All points, gifts, and vouchers on Binance Live will expire after 07:59 on January 1, 2026 (UTC+8).

Coinbase: Deadline for PARSIQ (PRQ) migration is December 31, 2025

Coinbase Markets tweeted that the deadline for migrating PARSIQ (PRQ) is December 31, 2025. Users holding PRQ wishing to convert to REACT must apply for conversion via the official migration portal using a compatible self-custody wallet.

Project Updates:

Hats Finance to cease its centralized hosted front-end and server operations on December 31

Decentralized security project Hats Finance announced on X that it will shut down its hosted operations, citing the unsustainability of continuing to run a centralized UI and servers, and no plans to adopt new legal or operational frameworks to continue this hosting architecture. The plan is as follows: the user front-end and back-end (UI and servers) hosted by Hats.finance are expected to go offline by December 31, 2025, with most functions relying on this hosting being phased out; the Hats protocol remains deployed on-chain and managed by DAO, with core contracts designed to operate continuously according to code; currently, a version based on IPFS is available, and as long as this version is operational, users may access it via public gateways. Since payments to current fixed service providers (like Pinata) will cease, ongoing availability and performance cannot be guaranteed. Users can submit withdrawal requests via the hosted UI before December 17; afterward, they must interact directly with the contracts to withdraw.

Token Unlocks:

Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM Beijing time on December 31, representing about 1.65% of circulating supply, valued at approximately $8.6 million.

January 1

Policy & Regulation:

UK requires crypto exchanges to collect and report UK customer transaction records starting January 1, 2026

The UK HM Revenue & Customs (HMRC) issued new regulations requiring cryptocurrency exchanges operating in the UK to start collecting complete transaction records of all UK customers from January 1, 2026, and share this data with HMRC the following year. HMRC will use the collected data to verify tax filings, ensure compliance, and penalize violations. The new guidelines align the UK with the OECD’s Crypto Asset Reporting Framework (CARF), which aims to increase transparency in the rapidly growing digital asset market and is already adopted in the EU, Canada, Australia, Japan, and South Korea.

The EU Digital Asset Tax Transparency Act will take effect on January 1, requiring crypto service providers to collect and report user transaction data

The EU’s latest Digital Asset Tax Transparency Act, effective January 1, known as DAC8, extends the EU’s long-standing tax cooperation framework to include crypto assets and related service providers. It mandates that crypto service providers, including exchanges and brokers, collect and report detailed user and transaction data to tax authorities across member states. These authorities will then share the data among EU countries.

DAC8 operates alongside the EU’s Markets in Crypto-Assets Regulation (MiCA), but independently. MiCA regulates market conduct, while DAC8 oversees tax flows. The directive takes effect on January 1, but crypto companies have a transition period. Service providers must complete reporting systems, customer due diligence, and internal controls by July 1. Failure to report on time will result in penalties under national laws.

Hong Kong Monetary Authority to implement Basel crypto asset capital rules starting January 1, 2026

The HKMA recently issued a circular confirming the full implementation of Basel banking capital standards for crypto assets in Hong Kong starting January 1, 2026. FSS partner and HKU law lecturer Fie Si told Caixin that the new rules set the risk weight for unlicensed blockchain-based crypto assets at a maximum of 1250%, meaning banks must hold capital equal to at least 1:1 of these crypto asset risk exposures. Such high regulatory capital requirements will discourage many banks from holding these crypto assets.

Turkmenistan’s crypto regulation law to take effect on January 1, 2026

According to Reuters, Turkmenistan’s president signed a new law on November 28 establishing licensing mechanisms for crypto mining and exchanges, which will come into effect on January 1, 2026. The law clarifies the legal and economic status of virtual assets, aiming to promote digitalization and attract foreign investment.

Lithuanian Central Bank warns: crypto services without MiCA license illegal from January 1

Lietuvos Bankas announced that after incorporating the EU’s MiCA into national law, all crypto service providers must submit license applications by December 31. Providing related services without a license from January 1 will be illegal. Enforcement measures include fines, website bans, and criminal charges for serious violations, with a maximum of 4 years imprisonment. The central bank urges unlicensed operators to notify clients and complete asset refunds and migrations promptly. About 370 registered entities, only around 30 have applied, with roughly 120 active. Lithuania aims to serve as a “gateway” for MiCA.

Exchanges:

Upbit will conduct server maintenance and routine asset audits on January 1, suspending all services

According to Upbit’s official announcement, the exchange will perform server maintenance and routine audits of digital assets and KRW deposits/withdrawals from 2:00 to 8:00 AM local time on January 1, 2026. All deposit and withdrawal services will be suspended from 20:00 on December 31, 2025. During maintenance, all platform services will be unavailable, some orders with abnormal prices will be canceled, and users should check open orders and scheduled trades in advance. The end time may be adjusted as needed.

Token Unlocks:

Sui (SUI) will unlock approximately 43.69 million tokens at 8:00 AM Beijing time on January 1, 2026, representing about 1.17% of circulating supply, valued at approximately $63.4 million;

EigenCloud (formerly EigenLayer, EIGEN) will unlock approximately 36.82 million tokens at 12:00 PM Beijing time on January 1, 2026, representing about 9.74% of circulating supply, valued at approximately $14.4 million.

( January 2

Macroeconomics:

January 2, 22:45, US releases December S&P Global Manufacturing PMI final.

Token Unlocks:

Ethena (ENA) will unlock approximately 40.63 million tokens at 3:00 PM Beijing time on January 2, 2026, representing about 0.56% of circulating supply, valued at approximately $8.6 million.

) January 3

Project Updates:

Infinex: INX token sale scheduled for January 3-6, registration now open

Infinex announced on X that the INX token sale is now open for registration, scheduled to take place on the Sonar platform from January 3 to 6, 2026. The sale will offer 5% of the total INX supply, with a final FDV of $99.99 million. Tokens will be locked for one year but can be unlocked early if desired. The minimum purchase is $200, maximum $2,500, with random allocation and potential bonuses.

January 4

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