Bitcoin traded close to $90,000 during Friday's Asian session as regional equity markets opened with mixed performance. The largest cryptocurrency fluctuated in a narrow range while investors weighed whether recent gains in both digital assets and stocks can sustain momentum amid growing expectations for Federal Reserve rate cuts in December.

The European Union has established regulations requiring crypto-asset service providers to report customer transactions and holdings in standardized digital format starting January 1, 2026. The rules expand the Directive on Administrative Cooperation (DAC8) and introduce a mandatory Crypto-Asset Operator register with unique identification numbers for cross-border supervision. The framework operates alongside MiCA and upcoming anti-money laundering rules.

Prediction market platform Kalshi raised $1 billion at an $11 billion valuation in a funding round led by Sequoia and CapitalG. The financing follows a $300 million Series D round in October that valued the company at $5 billion. Rival platform Polymarket is exploring funding at a $12 billion to $15 billion valuation.

Bitcoin rose 5% to exceed $90,000 on November 27 while Ethereum cleared $3,000, marking a reversal after a month of declines. The rally followed renewed liquidity as US government operations resumed, with the Treasury General Account holding $892 billion—roughly $292 billion above its historical baseline. Analysts expect excess Treasury cash to flow into markets as the balance normalizes in coming weeks.

Major U.S. exchanges including Nasdaq, Cboe, and CME are opposing SEC proposals that would allow crypto platforms to offer tokenized stocks under reduced regulatory requirements. The World Federation of Exchanges warned in a November 21 letter that broad exemptions could create competitive imbalances and weaken investor protections. The exchanges argue that lighter oversight for crypto firms could undermine market structure and divert trading volume from traditional venues.

Australia has introduced the Digital Assets Framework Bill 2025, requiring cryptocurrency exchanges and custody providers to obtain an Australian Financial Services License (AFSL). The legislation subjects digital-asset platforms to the same regulatory standards as traditional financial institutions, focusing on client-asset protection rather than blockchain technology itself.

Upbit, South Korea's largest cryptocurrency exchange, disclosed Thursday that unauthorized withdrawals drained approximately $36 million worth of assets from its Solana hot wallet. The breach affected multiple tokens including BONK, JTO, SONIC, PENGU, and USDC. Exchange CEO Oh Kyung-seok confirmed full reimbursement for affected customers.

The UK's Her Majesty's Revenue and Customs has introduced a 'No Gain No Loss' tax framework for decentralized finance activities. The proposal would exempt on-chain DeFi deposits from capital gains taxation, according to Aave founder Stani Kulechov. The policy aims to align tax rules with blockchain transaction mechanics and streamline compliance for users engaged in lending and staking.