1. Russian Lawmakers Advocate for Bitcoin Strategic Reserves link

According to RIA Novosti, Anton Tkachev, a representative of the “New People” party in the Russian State Duma, has proposed to Finance Minister Anton Siluanov the creation of a Bitcoin strategic reserve in Russia, modeled after traditional currency reserves. Tkachev argued that geopolitical instability has subjected conventional reserve currencies, including the yuan, dollar, and euro, to volatility, sanctions, and inflation, suggesting that cryptocurrencies could serve as a reserve option independent of any single nation.

Previously, the Russian Central Bank expressed readiness to pilot cross-border cryptocurrency payments.

2. Japanese Legislators Propose National Bitcoin Reserves to Advance Blockchain Development link

Japanese lawmaker Satoshi Hamada has proposed the establishment of a national Bitcoin reserve, suggesting that a portion of Japan’s foreign exchange reserves be converted into Bitcoin. Hamada highlighted Bitcoin’s decentralized nature as a strategic asset and noted that countries like the United States and Brazil are pursuing similar initiatives. While Hamada’s party holds a limited number of parliamentary seats, the proposal underscores a segment of lawmakers aiming to leverage cryptocurrencies to position Japan as a blockchain innovation hub. The government is expected to issue a response in the coming weeks.

3. Former Thai Prime Minister Urges Citizens to Embrace Bitcoin link

Former Thai Prime Minister Thaksin Shinawatra, now the father of the current Prime Minister, stated on December 13 that his industry contacts predict Bitcoin could reach $850,000. He urged Thai citizens to stay informed about the cryptocurrency space, emphasizing its potential influence on government policy. The Prime Minister has reportedly instructed officials to initiate studies and efforts to enable Bitcoin payments, starting in key tourist cities. Additionally, the government is considering issuing a stablecoin backed by government bonds.

4. South Korea’s Weekly News

4.1 South Korea’s Crypto Market Trading Volume Nearly Doubles Stock Market Activity link

According to the Korea Herald, heightened domestic political tensions in South Korea have driven local investors toward cryptocurrencies and other alternative assets. As of last Friday at 3:30 PM, the combined 24-hour trading volume on the nation’s top five cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax — reached $14.59 billion (approximately 20.72 trillion KRW). This figure is nearly double the trading volume of the Kospi stock market on the same day, which stood at 10.48 trillion KRW.

4.2 South Korean Parliament Approves Postponement of Crypto Tax, Possibly Delayed to 2027 link

The South Korean National Assembly has approved yet another delay in the implementation of cryptocurrency taxation. Initially set to take effect on January 1, 2022, the plan proposed a 20% tax on cryptocurrency gains (with an additional 2% local tax). However, due to strong opposition from investors and the industry, the enforcement date was postponed twice to January 1, 2025. Reports now suggest that the taxation of cryptocurrency gains may be further deferred until 2027.

4.3 November Crypto App Rankings in South Korea: Upbit Leads with 4.36 Million Users link

In November 2024, South Korea’s cryptocurrency app user rankings were unveiled, with Upbit securing the top spot with 4.36 million users. Bithumb and Pi Network followed with 2.24 million and 1.34 million users, respectively. Coinbase, Binance, Bitget, and Bybit ranked fourth, fifth, sixth, and eighth, while MetaMask took the tenth position. Notably, the gap in new user registrations for November between Upbit and Bithumb was a mere 30,000.

5. Hong Kong: Crypto Assets Not Included as Target Assets for Exchange Fund Investments link

Hong Kong legislator Johnny Ng Kit-chong raised a query on whether digital assets and cryptocurrencies could be incorporated into fiscal reserves and whether the Exchange Fund might consider ongoing purchases for long-term holding. Acting Secretary for Financial Services and the Treasury, Joseph Chan, responded that the Exchange Fund invests in a diversified range of global asset classes and markets to mitigate risks and enhance long-term returns. Cryptocurrencies are not a target asset for the Exchange Fund. However, external investment managers employed by the Hong Kong Monetary Authority (HKMA) may, at times, include minimal cryptocurrency investments as part of their diversified strategies, though the proportion remains negligible.

6. Shanghai Court Report: Virtual Currencies Involved in 11% of Financial Crime Cases link

The Shanghai Second Intermediate Court’s white paper on “Crimes Involving Pseudo-Financial Trading Platforms” reveals that since 2019, over 600 such cases have been adjudicated. The top three types of investment schemes, ranked by case volume, are futures (approximately 50%), stocks (20%), and cryptocurrencies (11%). These crimes have evolved from early investments in tangible assets like stamps and paintings to financial investments such as futures, options, stocks, and forex trading. More recently, they have extended into emerging fields like NFTs (digital collectibles) and digital currencies.

7. Iran Shifts Focus from Restricting to Regulating Digital Currencies link

Iran’s Minister of Finance, Abdolnaser Hemmati, stated that Iran is shifting its stance on digital currencies, focusing on regulation rather than imposing restrictions. At an event in Tehran, Hemmati emphasized the government’s plan to mitigate the economic risks associated with digital currencies while fully leveraging their potential benefits. He highlighted the Central Bank of Iran’s authority in managing digital assets and underscored the potential of digital assets in promoting youth employment, enhancing economic assets, and offsetting the effects of sanctions.

8. Japan’s Remixpoint Acquires an Additional 13.24 BTC, Worth Approximately $1.32 Million link

Japanese listed company Remixpoint has made an additional purchase of 13.24 BTC (approximately $1.32 million) in Bitcoin. This acquisition is part of the 1.5 billion yen additional investment approved by the company on November 28, which was implemented between December 5 and 6. The average purchase price for this acquisition was approximately 15.1 million yen (about $100,000), bringing the company’s total cryptocurrency investment to 4 billion yen (approximately $26.49 million). The company now holds a total of 282.87 BTC, with an estimated BTC valuation gain of about 767 million yen (approximately $5.08 million) as of December 8.

9. Japanese Crypto Exchange Coincheck’s Parent Company Lists on NASDAQ link

On December 11, Coincheck Group N.V., the parent company of the Japanese cryptocurrency exchange Coincheck, officially listed on the Nasdaq under the ticker symbol CNCK. This marks the first time a Japanese cryptocurrency exchange’s parent company has gone public on Nasdaq. Coincheck stated that it plans to leverage the trust and capital support brought by the listing to accelerate global talent recruitment, mergers and acquisitions, and strategic partnerships, further expanding its cryptocurrency and Web3-related businesses. The parent company, Monex Group, will retain approximately 80% of Coincheck Group’s shares, with a current market value of around $1.6 billion.

10. Feixiaohao Faces Internal Conflicts Between Old and New Teams link

According to a report from Jiamiqinbaoju, a recent dispute has arisen with two teams claiming to represent “Non-Small Number” (a popular cryptocurrency data platform). The older team alleges that the new team has failed to pay the outstanding balance and has used the source code to create a counterfeit website. On the other hand, the new team accuses Yu Ning, the leader of Non-Small Number, of selling different modules to three different buyers, which led to the cessation of the outstanding payment.

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