China and Brazil Target Stablecoins, Signs Point to Lazarus in Upbit Heist, and CoinShares Pulls Back ETF | December 1, 2025

This is the final episode of The World Crypto Report. Thank you for listening!

The People's Bank of China reiterates that crypto is not legal money, dashing hopes for a policy reversal while launching a new crackdown on speculative trading (1:34). South Korean firm AhnLab attributes the Upbit hack to North Korean operatives, highlighting a sophisticated campaign targeting exchange infrastructure (4:09).

Facing a saturated market, CoinShares withdraws its U.S. applications for XRP, Litecoin, and Solana ETFs ahead of its Nasdaq listing (6:29). And we look at Brazil's central bank new strict anti-money laundering compliance measures for stablecoins, set to take effect in February (8:26).

More on stories and articles discussed or referenced in this episode:

Abrams, Zack. "China's Central Bank Reaffirms Crypto Ban, Flags Stablecoin Risks Following Multi-Agency Meeting." The Block, 29 November 2025, https://www.theblock.co/post/380811/chinas-central-bank-reaffirms-crypto-ban-flags-stablecoin-risks-following-multi-agency-meeting.

Alper, Tim. "Chinese Central Bank Doubles Down on Crypto Crackdown as Speculation Resurfaces." DL News, 30 November 2025, https://www.dlnews.com/articles/regulation/chinese-central-bank-to-continue-crypto-crackdown/.

Ka-Young, Lee. "Lazarus, Kimsuky Behind 58 Attacks Targeting South Korea." The Chosun Daily, 30 November 2025, https://www.chosun.com/english/north-korea-en/2025/11/30/FZDOLNX2BNHWZIPTMWPQNEBKAA/.

Ruvic, Dado. "CoinShares Pulls Plug on Select Crypto ETFs Ahead of US Listing." Reuters, 30 November 2025, https://www.reuters.com/business/coinshares-pulls-plug-select-crypto-etfs-ahead-us-listing-2025-11-28/.

Thomas, Nick. "Brazil Just Closed a Major Crypto Loophole—and Stablecoin Users Should Pay Attention." Benzinga, 29 November 2025, https://finance.yahoo.com/news/brazil-just-closed-major-crypto-020104598.html.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.