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 Author：0xMingyue
 Editor：Colin Wu
 1. Hong Kong’s Weekly Summary
 1.1 Hong Kong Initiates Consultation on Legislative Proposal for Regulatory Framework on Stablecoin Issuers and Introduces Sandbox Arrangement link
 The Hong Kong Treasury Bureau and the Monetary Authority jointly released a public consultation document to collect feedback on legislative proposals regarding the regulation of stablecoin issuers. The proposal includes introducing a licensing regime through new legislation, requiring all eligible fiat stablecoin issuers to obtain a license issued by the Commissioner of Financial Services. It specifies that only designated licensed entities can provide services for the purchase of fiat stablecoins, and only fiat stablecoins issued by licensed issuers can be sold to retail investors. The promotion of fiat stablecoin issuance by non-licensed issuers is also prohibited. Additionally, the Monetary Authority will introduce a “sandbox” arrangement to convey regulatory expectations and provide compliance guidance to stablecoin issuers interested in and already having specific plans to issue fiat stablecoins in Hong Kong. The consultation period runs from December 27, 2023, to February 29, 2024.
 1.2 Hong Kong Makes Significant Announcement on Opening Bitcoin Spot ETF link
 On December 22, 2023, the Securities and Futures Commission (SFC) of Hong Kong issued a joint circular on “Intermediaries’ Virtual Asset-Related Activities” and a circular on “SFC-authorized Funds Investing in Virtual Assets.” The SFC also stated that it is “ready to accept applications for the authorization of virtual asset spot ETFs.”
 1.3 Investment Committee in Hong Kong: 74% of Surveyed Residents Consider Virtual Assets as an Investment Trend link
 The Hong Kong Investment Committee commissioned the Department of Applied Social Sciences at the Hong Kong Polytechnic University last year to study the behavior of virtual asset investors in Hong Kong. In the “Retail Investor Study 2023” conducted this year, the focus was on further investigating retail investors’ attitudes and behaviors toward virtual assets. The research revealed that approximately three-quarters of surveyed virtual asset investors cited pursuing short-term returns (75%), viewing virtual assets as an investment trend (74%), and fearing missing investment opportunities (73%) as reasons for investing in virtual assets. The survey also indicated that while most investors have good financial knowledge, there is still room for improvement in assessing and reviewing financial behaviors and attitudes.
 2. South Korea’s Weekly Summary
 2.1 South Korea to Publicly Disclose Virtual Asset Holdings of Public Officials Starting Next Month link
 Starting from next month (January 1, 2024), information related to the assets of public officials in South Korea will be disclosed on the Public Officials’ Ethics Information System (PETI). Virtual assets that were originally not included in the property registration of public officials will also be included in the registration through amendments to the Public Officials’ Ethics Act this year. Therefore, individuals required to disclose their assets will also have an obligation to report virtual asset transactions.
 2.2 South Korean Legislator Engages in Cryptocurrency Transactions Worth Almost 100 Million USD Over Three Years link
 The Anti-Corruption and Civil Rights Commission of South Korea has released the comprehensive report on virtual assets for the 21st National Assembly members. Among all 298 serving legislators from May 30, 2020, to May 31, 2023, 18 individuals were found to have digital asset holdings in the past year. Notably, 11 members have accumulated cryptocurrency transactions totaling approximately $97.6 million over the past three years.
 3. Japanese Cabinet Approves Outline for Tax Reform in Fiscal Year 2024 link
 The Japanese Cabinet has approved the outline of the tax system reform for the fiscal year 2024. The revision includes a provision that companies holding cryptocurrency issued by third parties will no longer be subject to market value taxation. Instead, taxation will apply only to profits generated by the sale of cryptocurrencies by the relevant companies. The legislation is set to be submitted to the regular session of the Diet (the national parliament) in January next year and will require approval from both the House of Representatives and the House of Councillors.
 4. Singapore Prime Minister Lee Hsien Loong Warns Against Trusting Deepfake Videos Promoting Cryptocurrencies in His Name link
 Singapore Prime Minister Lee Hsien Loong has warned the public not to respond to a forged video that uses artificial intelligence technology to depict him promoting cryptocurrency investments and promising guaranteed returns. The deepfake video has circulated on social media platforms, and Deputy Prime Minister Heng Swee Keat has also become a target of similar scams. Prime Minister Lee emphasized that these videos are entirely false, and he has never made any such statements. He urged the public to remain vigilant and learn to protect themselves and their loved ones from such fraudulent activities.
 5. China’s Supreme People’s Procuratorate Releases Case of Illegally Trading Foreign Exchange Using Virtual Currency link
 China’s Supreme People’s Procuratorate and the State Administration of Foreign Exchange have jointly released eight typical cases of punishing crimes involving foreign exchange violations. The head of the Fourth Procuratorial Department of the Supreme People’s Procuratorate stated that the cases released primarily target cross-border “swapping” type illegal forex trading cases. Regarding cases where virtual currencies were used as a medium for illegal forex trading in the typical cases, the head of the Fourth Procuratorial Department of the Supreme People’s Procuratorate pointed out that in China, virtual currencies do not have the same legal status as legal tender, and related business activities constitute illegal financial activities.
 Two cases were selected by the Supreme People’s Procuratorate. The first involves the illegal operation of a portion of the fund payment and settlement business by individuals, including You and Zhao, by the West Lake Branch of the Public Security Bureau in Hangzhou, Zhejiang Province. The procuratorial authorities identified 309 transaction records related to foreign currency exchange in Zhao’s group’s chat records, totaling over RMB 43.85 million. The group had formed a long-term and continuous fixed pattern: collecting foreign currency dirhams abroad, transferring RMB to the designated domestic payee’s account, then using dirhams to purchase Tether, and finally selling Tether to obtain RMB. Although the actions appear to be buying and selling virtual currencies, they essentially use Tether as a medium to achieve currency value conversion between foreign currency and RMB, constituting illegal forex trading and illegal business operations.
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 (Sponsored by NEXO. Sponsorship does not represent the views of WuBlockchain and does not constitute financial advice from WuBlockchain. Readers are requested to strictly abide by local laws and regulations.)
 6. India Issues Warning to Nine Exchanges, Including Binance, Urging Them to Block Access to Their Websites link
 India has issued warnings to nine exchanges, including Binance, Kucoin, Huobi, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex, demanding that these entities block access to their websites as they are not registered and have not been included in the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework.
 7. Indonesia’s Weekly Summary
 7.1 Indonesian Authorities Crack Down on Bitcoin Miners Stealing Electricity from the National Grid link
 Indonesian authorities recently conducted raids on ten locations suspected of illegally mining Bitcoin using electricity stolen from the national grid. The raids uncovered 1,314 Bitcoin mining machines, and 26 individuals were detained. The suspects allegedly stole electricity over the past six months by tapping into power lines owned by the state-owned power company PLN, causing approximately $100,000 in losses. Under Indonesian law, electricity theft is considered a criminal offense and can result in a maximum sentence of five years in prison or a fine up to twice the value of the unpaid electricity bills.
 7.2 Indonesian Government Requires All Cryptocurrency Exchanges to Register with the National Digital Asset Exchange link
 The Indonesian government aims to require all cryptocurrency exchanges operating in the country to register with the National Digital Asset Exchange. This move is intended to monitor asset liquidity, record cryptocurrency transactions, and facilitate taxation. Indonesia introduced its first national cryptocurrency exchange, known as the Commodity Futures Exchange (CFX), this year. The CFX operates similarly to traditional stock exchanges but focuses specifically on digital assets. Official data from 2023 indicates that the country has over 18 million registered cryptocurrency traders, approximately 6 million more than stock traders.
 8. Kyrgyzstan’s Cryptocurrency Mining Tax Revenue Reaches $937,000 in the First 11 Months of 2023 link
 According to Kyrgyz media outlet 24.kg, Kyrgyzstan has collected approximately $937,000 in taxes from cryptocurrency miners in the first 11 months of 2023. Mining taxes in the country have seen a rapid increase since April, with August recording tax revenues of $138,000. Kyrgyzstan currently has the capacity to produce up to 142 billion kilowatt-hours of energy, with only 10% of the installed capacity being utilized for mining.
 9. Monex Group in Japan Plans Majority Acquisition of Canadian Cryptocurrency Company 3iQ link
 The Monex Group announced on Thursday its plans to acquire a majority stake in the Canadian cryptocurrency firm 3iQ Digital Holdings. Monex Group previously expanded its digital asset investment business with the acquisition of the cryptocurrency exchange Coincheck in 2018. Additionally, the company owns the U.S.-based online brokerage services firm TradeStation.
 10. Sinohope Technology Announces Net Loss of HKD 287 Million for the Fiscal Year Ending September 30, 2023 link
 The Hong Kong-listed company Sinohope Technology (01611.HK) has released its financial results for the fiscal year ending on September 30, 2023. The financial report indicates that the revenue from ongoing operations is approximately HKD 2.834 billion, a YoY decrease of 68.7%. The gross profit is HKD 10.389 million, reflecting a YoY decrease of 90.6%. The net loss has expanded from HKD 200 million in 2022 to HKD 287 million in 2023, a YoY increase of 43.92%. It is noted that the increased loss is primarily attributed to the escalated expenses in developing new business ventures within the company, coupled with the inability to extract cryptocurrency assets from the cryptocurrency exchange FTX.
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