Indonesia sets out crypto exchange registration requirement

The People’s Bank of China (PBOC) plans to roll out a new structure for its central bank digital currency (CBDC) operations, moving the digital yuan into a deposit-based role within the commercial banking system beginning Jan. 1, 2026. Lu Lei, a deputy governor of the PBOC, announced the update, marking a new direction after nearly a decade of pilot programs. According to a report by FTChinese, the move fits into Beijing’s broader economic planning, as authorities seek to reinforce China’s role in global finance while containing risks tied to loosely regulated digital activity. The deputy governor said China will continue to run the digital yuan under a two-tier system, with the central bank responsible for rules and infrastructure, while commercial banks manage wallets, payments, and compliance. He added that the arrangement is designed to prevent banks from being sidelined and to limit shadow banking risks associated with digital payment platforms outside the regulated system.Photo by Eric Prouzet on UnsplashDigital yuan transactions top $2.3TThe announcement comes as use of the digital yuan, known as the e-CNY, continues to rise. By late November 2025, the system had handled 3.48 billion transactions with a total value of 16.7 trillion yuan ($2.3 trillion). There are about 230 million personal wallets and 18.84 million corporate wallets. Beyond domestic use, the e-CNY is being positioned for international trade. Lu pointed to progress on mBridge, a cross-border payments project involving multiple central banks. The platform has processed 4,047 transactions worth the equivalent of 387.2 billion yuan ($55.3 billion), with the digital yuan accounting for about 95.3% of the settlement value. The deputy governor also sounded a note of caution on private-sector innovation, saying the rapid growth of digital assets and stablecoins could complicate the conduct of monetary policy. He said central banks need to ensure that new payment tools do not undermine macroeconomic stability or allow money to circulate beyond regulated channels. Hong Kong to license crypto dealers, custodiansAs Beijing moves to strengthen its state-backed currency framework, Hong Kong is also tightening oversight of the crypto market. On Dec. 24, the city’s Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) released their conclusions on proposed legislation to regulate virtual asset dealing and custodial services. Following the implementation of the Stablecoins Ordinance in August, regulators are now moving to require firms offering crypto dealing or custody services in Hong Kong to obtain licenses and operate under regulatory supervision. They also began seeking feedback on whether to extend oversight to virtual asset advisory and management providers, with the proposed framework modeled on existing securities market rules. In a separate development underscoring the contrast between state-backed and decentralized digital currencies in the region, reports this month pointed to a sharp drop in Bitcoin network activity linked to mainland China. BTC hashrate drop seen amid China mining changesKong Jianping, CEO of Nasdaq-listed Web3 infrastructure firm Nano Labs, said on the social media platform X that the global Bitcoin network’s hashrate fell by about 100 exahashes per second, or roughly 8%, around Dec. 15. He attributed the decline to the shutdown of an estimated 400,000 mining rigs, mainly in Xinjiang. A lower hashrate means less computing power is securing the network, reducing competition among miners that validate transactions. China has maintained a broad ban on crypto trading and mining since 2021. Industry outlet Wu Blockchain said the reasons for the latest shutdowns were unclear. 

Bakkt, an American digital asset custodian and trading firm, has acquired a stake in Marusho Hotta, a Japanese textile firm, as part of a new crypto treasury strategy which the company adopted recently. The firm, which was established in 2018 and is 55% owned by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE), published a statement on its website on Aug. 6, outlining that it had acquired a 30% stake in Marusho Hotta. The textile firm, a publicly-listed company on the Tokyo Stock Exchange (TSE: 8105), is both a manufacturer and distributor of yarn and bedding, as well as Japanese and Western clothing.Photo by 🇸🇮 Janko Ferlič on Unsplash‘bitcoin.jp’As a result of the transaction, Bakkt International President Phillip Lord will become CEO of Marusho Hotta, and the company will be renamed as “bitcoin.jp.” Akshay Naheta, co-CEO of Bakkt, commented on the development, stating: "Japan's regulatory environment creates an ideal platform for a Bitcoin-centered growth business. We look forward to working with MHT's team to integrate Bitcoin into their operating and financial model and to establish MHT as a leading Bitcoin treasury company." Back in June, it emerged that Bakkt was working towards raising $1 billion from investors, providing the first indication that the firm was moving towards pursuing a crypto treasury strategy. A filing lodged with the Securities and Exchange Commission (SEC) at the time stated:“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources, subject to the limitation set forth in our Investment Policy.” The company went on to outline that the timing and magnitude of any such crypto purchases would depend upon market conditions at the time, capital market receptivity, the firm’s business performance and other strategic considerations. Given the credentials within traditional finance of the company’s owners, the arrival of Bakkt in 2018 was seen as a significant event within the crypto sector. However, the firm’s journey has not been an easy one. It started out by trying to appeal to retail users and bring about real-world use of cryptocurrency. It established an app and a partnership with Starbucks, which looked to bring crypto into mainstream use in terms of everyday payments.However, that partnership fizzled out and in 2024 a filing lodged by the company with the SEC revealed that the company’s position was challenging, with it warning that it “might not be able to continue as a going concern.” When the business first launched, it aspired to bring Bitcoin to 401(k) retirement accounts in the U.S. It may have been ahead of its time in that regard as it had to contend with Donald Trump’s first term as president when he wasn’t particularly pro-crypto and a distinctly anti-crypto Biden administration immediately afterwards. It is only now, seven years after the founding of Bakkt, that the current Trump administration is finally moving to allow crypto investment to form part of 401(k) plans. More recently the firm had concentrated on catering to the needs of institutional investors but faced further turmoil earlier this year when it lost two customers who allegedly made up 73% of Bakkt’s revenue.

Dunamu, the operator of South Korea’s leading crypto exchange Upbit, announced today that it launched a new crypto price tracking service, Bitcoin-Ethereum Duo Index (Duo Index). The news was reported by the local media outlet Etoday.  The service tracks the two most prominent tokens, Bitcoin and Ethereum, each being the top performer and the runner-up in terms of market capitalization in the crypto asset market. It is a strategy index that equally weights Bitcoin and Ethereum, with their holding ratio updated to 1:1 every month. The weightings of the two cryptocurrencies in the index are subject to an adjustment factor, which is based on their prices. The BTC-ETC Duo Index is currently available on the Upbit Cryptocurrency Index (UBCI) website. Photo by Markus Winkler on UnsplashThe Federal Reserve’s approval of spot Bitcoin ETFs in January has drawn significant attention from many investors, driving up the prices not only of Bitcoin but also Ethereum. Dunamu explained that this heightened interest surrounding Bitcoin and Ethereum is the reason behind its launch of the Duo Index. New tool to boost crypto portfolio’s performance Referencing the Duo Index can help investors estimate their own crypto assets portfolios and boost their performances based on the indicators it offers, including the winning rate of the two coins combined.   The current winning rate of the Duo Index stands at over 58%, which is three percentage points higher than that of the Upbit Market Index (UBMI), which tracks not only Bitcoin and Ethereum but also other altcoins. The high winning rate of the Duo Index demonstrates the bullish sentiment surrounding the two top coins. A Dunamu official stated that the company will continue to keep up with the crypto market trend and further release other strategy indices that would serve the emerging needs of the investors.