Crypto News Round-Up — December 2025

This week's news covers a range of regulatory, market and security developments in crypto. Britain’s FCA launched a consultation on new digital-asset rules, and in Hong Kong the largest licensed crypto exchange made a stock-market debut. A hacker group also demanded a Bitcoin ransom after claiming to break into Pornhub’s user database. Meanwhile, Visa is piloting stablecoin payments and Arizona’s legislature voted to accept crypto for tax payments. Below we recap these developments and why they matter.

• UK regulator consults on new crypto rules
• Hong Kong crypto exchange HashKey debuts in IPO
• Hacking group ShinyHunters claims Pornhub data breach
• Visa expands use of stablecoins for payments
• Arizona to accept cryptocurrency for state payments
• Ethereum ETF nears US approval

UK regulator consults on new crypto rules

Britain’s Financial Conduct Authority (FCA) has launched a wide-ranging consultation on cryptocurrency regulation (Reuters). The draft proposals cover token listings, trading platform oversight, and safeguards against market abuse. They also include stricter rules for crypto lending, staking and borrowing. The FCA has opened the plans for public feedback, aiming to have formal crypto rules in place by 2027 to bolster consumer protection and market trust (Reuters).

• Clarifies how crypto exchanges, brokers and platforms must operate, reducing legal uncertainty.
• Aligns UK crypto oversight more closely with U.S. regulatory standards, setting a global precedent.
• Aims to protect investors in a volatile sector by curbing fraud and market manipulation.

Hong Kong crypto exchange HashKey debuts in IPO

Bloomberg reports that Hong Kong’s largest licensed crypto exchange, HashKey, raised about $206 million in its stock-market debut (Bloomberg). The IPO was officially the city’s first crypto-related public listing, and trading opened with shares briefly above the offering price. Demand was strong: both the institutional and retail portions of the IPO were heavily oversubscribed. HashKey, founded in 2018, provides services like asset management and tokenization, and it executed the listing amid a turbulent global market.

• Represents a milestone as Hong Kong’s first crypto exchange IPO, signaling broader institutional interest in crypto firms.
• Heavy oversubscription shows strong investor appetite for regulated crypto businesses.
• Raises funding that can help HashKey expand services under greater regulatory oversight.

Hacking group ShinyHunters claims Pornhub data breach

A hacking collective calling itself "ShinyHunters" claims it stole private data from premium users of the Pornhub site and is demanding a Bitcoin ransom to keep the information private (Reuters). The group posted sample records that Reuters confirmed as genuine, including user emails and partial payment details. Pornhub’s owner has not publicly commented, and authorities are treating this as a serious extortion attempt using cryptocurrency.

• Highlights how cybercriminals use Bitcoin for ransomware, exploiting its relative anonymity.
• Shows even large platforms can be vulnerable; underscores the importance of strong data security.
• Risks undermining user trust and platforms’ reputations if consumer data is exposed.

Visa expands use of stablecoins for payments

Bloomberg reports that payments network Visa is expanding its blockchain capabilities by integrating the USDC stablecoin into its system (Bloomberg). In the pilot program, businesses can settle international transactions using USD Coin (USDC), a regulated dollar-pegged token, on the Ethereum blockchain. The goal is to combine crypto’s efficiency with the stability of a traditional asset. If adopted widely, this could speed up settlement times and lower costs for cross-border payments.

• Signals a major financial firm embracing crypto, which could accelerate mainstream adoption.
• Using a stablecoin provides price stability, making blockchain settlements more predictable.
• Could significantly reduce costs and delays in cross-border transactions compared to legacy systems.

Arizona to accept cryptocurrency for state payments

CNBC reports that Arizona’s legislature has passed a law allowing state and local governments to accept cryptocurrency for taxes and fees. From 2026, residents will be able to pay in Bitcoin, Ethereum or other approved digital coins (CNBC). Arizona is set to be the first U.S. state to accept crypto for public payments. Legislators believe the change will foster innovation and give taxpayers more options, though officials must still manage the challenges of crypto price volatility.

• Government acceptance of crypto for taxes is a significant nod to mainstream adoption.
• Positions Arizona as a leader in crypto-friendly regulation, possibly attracting blockchain businesses.
• Raises questions about handling volatile crypto values in public accounting and budgeting.

Ethereum ETF nears US approval

The Wall Street Journal reports that U.S. regulators are close to approving the first exchange-traded fund (ETF) for Ethereum (WSJ). The ETF would allow investors to buy shares tracking Ether’s market price on a stock exchange, without holding the cryptocurrency directly. According to insiders, a decision on the pending Ethereum ETF applications could come as early as next year (WSJ). This follows the earlier launch of Bitcoin ETFs and would open another major gateway for traditional investors into crypto.

• Lets retirement funds and institutions invest in Ethereum through familiar channels without dealing with wallets.
• Likely to bring substantial new capital into Ethereum, improving liquidity and potentially its price.
• Signals growing regulatory acceptance of crypto, which may spur more crypto-based investment products.

Volatility reminder: Cryptocurrency markets are highly volatile and unpredictable. This round-up is for informational purposes only and not investment advice. Always do your own research (DYOR) and consider consulting a financial advisor before making any investment decisions.

Bottom Line

The latest headlines show crypto’s profile is on the rise: new financial products, exchange milestones and broader acceptance are all happening alongside continued security challenges. For investors, that means potential opportunities but also heightened risk. The key takeaway is to stay informed and cautious. Crypto markets can swing rapidly, so thorough research and a clear strategy remain essential when navigating this space.