Welcome to read Techub News's "Weekly Highlights of Hong Kong Web3." In this issue, we will summarize the significant events and developments in the Hong Kong Web3 sector from October 27 to November 2, along with the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot News
Ant Group has applied for Web3-related trademarks such as "ANTCOIN" in Hong Kong
According to the Hong Kong Economic Journal, documents reveal that Ant Group has applied to register a series of trademarks related to virtual assets, stablecoins, and blockchain in Hong Kong, including "ANTCOIN," possibly as a preparatory move for future business expansion…
Openmarkets plans to raise $50 million for DeFi and overseas expansion
According to Tech in Asia, Australia-based fintech infrastructure provider Openmarkets Group announced plans to raise $50 million to support its entry into the decentralized finance (DeFi) sector and expand into overseas markets such as Singapore, Hong Kong, and the United States…
According to the Hong Kong Economic Journal, Ant's self-custody wallet TOPNOD has entered the public testing phase overseas, allowing users to buy and sell cryptocurrencies through third-party platforms. The app is now available on the App Store and Google Play in regions such as Singapore…
According to the Hong Kong Economic Journal, the Hong Kong Securities and Futures Commission (SFC) has initiated a tender for a trading monitoring system for virtual asset trading platforms, aiming to enhance the detection of abnormal trading behaviors through advanced data analysis and on-chain monitoring technology…
New Fire Technology Holdings Limited (1611.HK) announced that it will hold the "Hong Kong Fintech Summit and New Fire Technology Product Launch" at the Grand Hyatt Hong Kong on November 5, 2025. This event is a significant industry gathering during Hong Kong Fintech Week, focusing on the launch of its first "private banking-level digital asset custodian" product and analyzing the strategic layout and industry impact of the billion-dollar Ethereum DAT…
According to Ta Kung Pao, the Hong Kong Monetary Authority (HKMA) stated in its "Digital Hong Kong Dollar Pilot Program Phase Two Report" that eleven pilot groups have participated in the second phase of the project, covering three main themes: tokenized asset settlement, programmable payments, and offline payments…
Aptos Labs, in collaboration with Boston Consulting Group (BCG), released the "Hong Kong Digital Currency and Tokenized Assets Survey" report, which surveyed over 500 retail fund investors. Among them, 61% of retail investors from Hong Kong and mainland China indicated plans to increase their investment in tokenized funds by more than double…
HKMA: Seven banks hope to launch tokenized deposits within the year
According to the Hong Kong Economic Journal, HKMA Assistant Chief Executive (Financial Infrastructure) Chow Man-chung stated that based on the intentions received by the HKMA, seven banks hope to launch tokenized deposits this year. Additionally, regarding market rumors, the HKMA is not currently advancing the retail application of the digital Hong Kong dollar…
The Secretary for Justice of the Hong Kong Special Administrative Region, Paul Lam, stated that virtual asset trading is becoming increasingly active, with most transactions conducted through virtual asset trading platforms, and many investors place virtual assets on trading platforms to earn returns…
Sources close to New Fire Technology told Techub News that the Hong Kong-listed company New Fire Technology Holdings Limited (stock code: 1611.HK) has launched some virtual asset OTC trading services for professional investors in Hong Kong based on the "Stablecoin Ordinance" (Chapter 656) implemented on August 1, 2025, providing OTC trading services for qualified professional investors in currencies such as USDT and USDC…
HKMA cuts interest rates by 25 basis points
According to Jin10 data, the HKMA has lowered the benchmark interest rate by 25 basis points to 4.25%, following a 25 basis point cut by the Federal Reserve overnight…
According to Hong Kong Wen Wei Po, the chairman of the Hong Kong SFC, Tim Lui, stated that there are currently no regulations governing listed companies' participation in cryptocurrency investments, and the SFC will monitor market conditions and study providing relevant guidelines for the market…
According to official news, Professor Wang Yang, Vice President of the University of Hong Kong, has confirmed his attendance at the "Hong Kong Fintech Summit and New Fire Technology Product Launch" and will deliver an opening speech at the event. The forum is co-hosted by the Hong Kong-listed company New Fire Technology (1611.hk), Avenir Group, and Techub News, and will grandly open on November 5 at the Grand Hyatt Hong Kong…
Zhuorui Securities has been approved by the Hong Kong Securities and Futures Commission to upgrade its existing Type 4 (advising on securities) license to provide investment advice on virtual assets…
Hong Kong SFC includes virtual asset trading platform VEX in the warning list
The Hong Kong SFC has listed "VEX/Volcano Exchange" as a "suspicious virtual asset trading platform." The SFC stated that VEX claims to be a licensed virtual asset trading platform operating in Hong Kong but has not obtained a license, and the entity falsely claims to cooperate with a licensed corporation…
According to a press release from the Hong Kong SAR government, the Chief Executive of the Hong Kong SAR has appointed the chairman and members of the Stablecoin Review Tribunal under the "Stablecoin Ordinance" (Chapter 656). Senior Counsel Lam Tak-yeung serves as the chairman, with members including Professor Huang Hao, Qiu Yuanyun, and Lyu Zhihong…
According to the Hong Kong Stock Exchange announcement, the Hong Kong-listed company Hengyue Holdings disclosed that it has spent HKD 5.242 million to acquire 6.12 bitcoins using available cash reserves. So far, the company has purchased a total of 35.6 bitcoins through the open market, worth approximately HKD 25.428 million…
Hong Kong-listed company Huajian Medical suspends acquisition of cryptocurrency
Hong Kong-listed company Huajian Medical disclosed that it announced a potential major acquisition plan to acquire cryptocurrency for no more than HKD 3 billion in mid-August and planned to submit it for shareholder approval, but has not sent a circular to shareholders as scheduled, and there has been no progress after two and a half months…
Industry Observation
The Silent Revolution of Stablecoins: Traditional Financial Giants Have Fully Entered the Arena
If we consider 2020–2022 as the "testing the waters" phase and 2023–2024 as the "exploration" phase, then the landscape of stablecoins in 2025 has already entered the "full speed ahead" stage.
Its development speed far exceeds expectations: the annual transfer volume of stablecoins has skyrocketed from a negligible $3.3 billion in 2018 to $18.4 trillion in 2024. This figure not only marks its transformation from a niche experiment to a global payment backbone but also signifies that it has surpassed the annual processing scales of traditional payment giants Visa ($15.7 trillion) and Mastercard ($9.8 trillion).
On October 27 at 21:00, MegaETH officially launched its public sale on the Sonar platform under Echo, marking the beginning of a wealth feast. The public sale sold a total of 500 million MEGA tokens, accounting for 5% of the total supply (10 billion tokens). According to the rules, MegaETH adopted a British auction model, allowing users to bid, with a minimum bid of $2,650 and a maximum bid of $186,282. The starting price was $0.0001, and the maximum price limit was $0.0999, corresponding to fully diluted valuations (FDV) of $1 million and $999 million, respectively.
Recently, the Indian tax authorities are investigating over 400 high-net-worth individuals trading on Binance, suspected of evading high taxes imposed on cryptocurrency transactions from 2022-23 to 2024-25. India imposes a 1% withholding tax and a 30% profit tax on cryptocurrency traders, with an effective tax rate potentially reaching 42.7%, which may motivate this group to evade taxes. This investigation stems from a series of developments involving Binance in India: after paying a $2.25 million fine and registering as a "reporting entity" with the Financial Intelligence Unit (FIU), Binance re-entered the Indian market in August 2024. This allows Binance to share information about suspected tax evaders with the Indian government. Additionally, the investigation covers peer-to-peer (P2P) payments settled through domestic bank accounts or Google Pay. According to local sources, tax departments in various cities have been asked to report their investigation actions by October 17, 2025.
The "three faces" of the Asian stablecoin race: From monetary sovereignty to a new financial order
On October 27, 2025, Japanese fintech company JPYC Inc. pressed the start button on the Tokyo Stock Exchange, announcing the launch of JPYC, the world's first compliant yen stablecoin officially registered under the Payment Services Act. At the same time, the Hong Kong Monetary Authority's review team is still reviewing the first batch of applications for the Stablecoin Ordinance page by page, while officials from the Monetary Authority of Singapore (MAS) are hosting a closed-door meeting in Raffles Place to discuss the latest results of cross-border settlement of stablecoins under "Project Guardian."
These seemingly fragmented moments in three locations actually constitute the three faces of the Asian stablecoin race: Japan's institutional sprint, Hong Kong's regulatory experiment, and Singapore's technological rationality. They reflect the same era's proposition—how Asian economies balance innovation with sovereignty, and openness with stability in the process of digital waves reshaping the global financial system.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data, last week, the subscription and redemption volumes for Hong Kong's Bitcoin spot ETF were both 0, with a total ETF holding value of approximately $443 million, a decrease of about $7 million in holding value; the subscription and redemption volumes for Ethereum's spot ETF were also both 0, with a total ETF holding value of approximately $125 million, a decrease of about $5 million in holding value.
Event Information
"Finternet 2025 - Asia Digital Finance Summit"
The "Finternet 2025 - Asia Digital Finance Summit" will be held on November 4 from 8:30 to 18:00 at the Grand Hyatt Hong Kong, hosted by the Finternet Committee. Cutting-edge ideas converge into executable strategies, and grand visions forge practical solutions. Based in Hong Kong and connecting globally, the summit aims to serve the real economy and build a solid bridge between Web 2 and Web 3.
"Hong Kong Fintech Summit and New Fire Technology Product Launch"
The "Hong Kong Fintech Summit and New Fire Technology Product Launch" will take place on November 5 from 9:00 to 16:00 at the Grand Hyatt Hong Kong, hosted by New Fire Technology and co-organized by Avenir Group and Techub News. At this summit, New Fire Technology will launch Hong Kong's first "private banking-level digital asset custodian" product and officially disclose its global layout roadmap for the upcoming period, showcasing its innovative breakthroughs and strategic thinking in the digital asset service field. As an important industry event during Hong Kong Fintech Week, this forum will also gather top thought leaders and experts in Hong Kong's fintech sector to engage in dialogue around the opportunities for compliant digital asset development.
"Web3 Trust Summit | 2025 Hong Kong Fintech Week"
The "Web3 Trust Summit | 2025 Hong Kong Fintech Week" will be held on November 6 from 9:45 to 17:30 at the Grand Hyatt Hong Kong, hosted by Terminal 3 and co-organized by Fireblocks, Hedera, IDA, and Web3 Harbour. The summit will kick off with a special address by the guest of honor, Mr. Chan Ho-yan, Deputy Secretary for Financial Services and the Treasury. The complete agenda includes five expert seminars, each discussing the operational challenges and technical requirements of building trusted infrastructure in these fields, as well as a fireside chat between Chen Yanji, Vice President of Circle Asia Pacific, and Kang Kaiwen, Co-founder of Reap.
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