UK Financial Institutions: Stablecoin Regulatory Positioning and Payment Integration to Become Core Focus of UK Cryptocurrency Regulation by 2026
On December 29, Crowdfund Insider reported that UK financial institutions recently reviewed progress on the UK’s 2025 crypto regulation and outlined key policy priorities for 2026.
UK Finance noted that over the past year, the UK has held extensive discussions on topics including stablecoins, Crypto Asset Trading Platforms (CATPs), and market manipulation prevention. Regulatory focus is gradually shifting from “non-collateralized crypto assets” to stablecoins backed by real-world assets.
UK Finance stated that regulators are increasingly framing stablecoins as tools with payment and monetary attributes—rather than purely investment-focused crypto assets. This classification will directly impact redemption timelines, KYC requirements, and issuer compliance costs. It also warned that if the regulatory burden on GBP stablecoins exceeds that of overseas-issued non-GBP stablecoins, it could prompt issuers to relocate, weakening the UK’s control over stablecoins at the intersection of
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Hong Kong will fully implement new banking capital rules based on the Basel Committee's crypto regulations on January 1.
Dec. 29 – Per a Caixin report, the Hong Kong Monetary Authority (HKMA) confirmed it will fully implement new crypto-related banking capital rules aligned with the Basel Committee on Banking Supervision’s (BCBS) crypto asset standards in Hong Kong starting Jan. 1, 2026.
BCBS defines crypto assets as private digital assets primarily relying on cryptography, distributed ledger technology (DLT) or similar tech. Digital assets, in turn, are defined as digital representations of value usable for payment, investment, or access to goods and services.
Covered assets include Bitcoin, Ethereum, real-world assets (RWAs), stablecoins, and other similar assets.
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Flow: Embrace Network Rollback Opt-Out and opt for a phased network recovery approach
On December 29, Flow released an update on its recent attack incident:
- Abandoned network rollback/reorganization; partners won’t need to replay transactions
- Legitimate user activities will be preserved; over 99.9% of accounts were unaffected and will operate normally post-reboot
- The Flow Foundation collaborated with ecosystem partners on a revised recovery plan, directly engaging with bridge operators, exchanges, and infrastructure partners
The network will recover in phases:
1. Cadence environment goes live; EVM temporarily restricted to read-only
2. Rhythm adjustment (approx. 24–48 hours)
3. EVM repair and re-enablement
4. Bridge/interchange restoration—specific timing to be determined by operators based on actual conditions and confirmed stability
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Cryptocurrency Giant Slams Proposed 5% Wealth Tax in California
Dec. 29 — California has unveiled a proposal for a 5% wealth tax on billionaires, with crypto industry executives fiercely opposing the plan over concerns it would spark entrepreneur departures, capital flight, and ultimately prove a waste of resources, per Cointelegraph.
The measure, dubbed the “2026 Billionaire Tax Act,” seeks to qualify a ballot initiative imposing the 5% levy on individuals or entities with net worth over $10 billion. Proceeds would fund California’s healthcare system and state assistance programs.
SEIU United Healthcare Workers West notes a portion of the proposed tax targets unrealized gains, meaning some billionaires could need to sell stocks or portions of their businesses to cover the tax bill. The tax may be paid in a lump sum or via five-year installment plans with interest.
Crypto leaders including Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell argue the proposal would only drive billionaires out of the state, leading to negative con
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「Whale」 Increases ETH Long Position to $24 Million, Entry Price $2,973.44
December 29: Per monitoring from HyperInsight (Telegram @HyperInsight), crypto whale "Big Brother Whale" Huang Licheng closed his HYPE long position in nearly an hour, netting just a $3,000 profit. He then boosted his ETH short position to $24 million in roughly 10 minutes, with an entry price of $2,973.44 and a liquidation price of $2,813.72.
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