Licenses, IPOs, and Crypto’s Big Decade

Welcome to our Crypto news in 10, a daily podcast bringing you the latest news about crypto in under 10 minutes.

Here’s what’s moving crypto on Tuesday, December 9, 2025... Circle secured a key license in Abu Dhabi and tapped a new leader for the Middle East and Africa. Hong Kong’s largest licensed exchange, HashKey, opened its IPO books targeting roughly 215 million dollars. Bitwise’s CIO laid out a ten to twenty times growth roadmap for the next decade. Reuters says bitcoin’s wild 2025 may actually finish in the red. And the UK took another step to anchor crypto in English property law. Let’s get into it.

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First up, Circle just planted a bigger flag in the Gulf. The USDC issuer received a Financial Services Permission from Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate as a Money Services Provider — graduating from the in-principle approval it earned earlier this year.

Circle says the license will let it expand regulated payment and settlement services for businesses, developers, and financial institutions across the UAE. On the same day, it named Dr. Saeeda Jaffar — joining from Visa — as Managing Director for Circle Middle East and Africa, tasked with driving partnerships and on-chain payments adoption across the region.

Why it matters... ADGM has become a go-to for global fintechs seeking clear rulebooks, and Circle’s move signals it wants USDC — and its new Arc stack — to be part of the region’s financial plumbing... remittances, corporate settlement, maybe even tokenized markets running on regulated rails. The license also follows Circle’s earlier incorporation in ADGM and months of engagement with the regulator — suggesting a long-term bet on the UAE as a stable hub for dollar stablecoins.

To Hong Kong — where HashKey, operator of the city’s largest licensed crypto exchange, has officially launched its IPO. The company is offering about 240.6 million shares at 5.95 to 6.95 Hong Kong dollars, aiming to raise up to 1.67 billion Hong Kong dollars — around 214 to 215 million US dollars. Final pricing is set for December 16, with trading expected to start December 17 on the Hong Kong Stock Exchange. It’s a test of public market appetite for a regulated, Asia-based digital asset platform after a bruising quarter for prices.

A couple of numbers to watch as the prospectus chatter builds... HashKey’s 2024 revenue reportedly surged from a low base as Hong Kong reopened retail crypto under licensing. But the firm also disclosed substantial losses tied to platform build-out and compliance — so valuation versus growth will be the storyline as books build. Regulators in the city have been tightening custody rules and broadening product permissions in tandem to attract global liquidity — moves that set the stage for listings like this.

Third, a big-picture call getting attention this morning. Bitwise CIO Matt Hougan says crypto could grow ten to twenty times over the next decade — without breaking a sweat — driven by tokenized securities, bitcoin, and stablecoins reaching mainstream scale. He cites comments from SEC Chair Paul Atkins suggesting the entire US equity market — about 68 trillion dollars — could move on-chain in a couple of years, underscoring how tiny today’s tokenized float is relative to what could come. Hougan’s bottom line — broad exposure beats betting on a single chain, because the winners across tokenization, payments, and store of value may be diversified.

If you’re keeping score at home... this builds on Bitwise’s earlier long-term projections for bitcoin specifically — into the million-plus range by 2035 — framed around institutional adoption, fixed supply, and maturing market structure. It’s a bold path — and, of course, subject to regulation, macro, and tech execution — but it’s today’s most optimistic institutional take.

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Let’s zoom out to the market tape. Reuters’ year-in-review snapshot today says bitcoin’s 2025 rollercoaster may end on a down note — after an October peak above 126,000 dollars gave way to tariff-driven risk-off and a record 19 billion dollar liquidation day on October 10. As of early December, bitcoin’s hovering just under the 90,000 to 95,000 band, and analysts note it’s trading more in sync with big-cap tech and Fed expectations than in past cycles. It would be the first calendar-year loss since 2022 if we finish here — an eye-opener after the spring ETF euphoria.

Translation... positioning and macro are steering as much as crypto-native catalysts right now. The next inflection watchers cite is central bank signaling into year-end — plus how new US-listed derivatives launching mid-December, and ongoing ETF flows, recalibrate leverage... especially after that October washout.

And a policy note from London — useful for legal clarity worldwide. The UK government has now formally recognized cryptoassets, including NFTs, as a form of personal property under English law. The announcement is meant to modernize property law for digital assets and give courts and creditors a clearer framework for things like custody disputes, security interests, and recovery. Industry voices from firms like Revolut, Zumo, and Zodia laud the step, but stress that the full UK crypto regime — broader rules on custody, consumer protection, and market conduct — isn’t expected until 2026.

Why you should care... property status affects everything from how insurers draft policies to how bankruptcy estates and security interests are handled. For builders and institutions, it reduces one slice of legal uncertainty — even as the UK races to catch up with the EU’s MiCA and the US’s new stablecoin framework in 2026.

Quick recap... Circle’s ADGM license and a new Middle East and Africa boss point to a serious UAE push for USDC and on-chain payments. HashKey’s Hong Kong IPO will test listed-exchange appetite in Asia. Bitwise’s CIO says tokenization, bitcoin, and stablecoins could 10 to 20x crypto over the next decade. Reuters warns bitcoin’s 2025 could close lower despite an October peak. And the UK’s property-law move tightens legal footing for digital assets.

We’ll be back tomorrow with the next five stories shaping the on-chain economy.

Thanks for listening and see you tommorow!