Welcome to read Techub News's "Weekly Highlights of Hong Kong Web3." In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 sector from July 7 to July 13, 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
According to Ming Pao, Hong Kong Financial Secretary Paul Chan stated that the Monetary Authority is currently consulting the market on the implementation of regulatory guidelines, which will be announced this month. The specific content will involve anti-money laundering and other related requirements. He also indicated that the number of approved stablecoin licenses will be in single digits, hoping to receive applications once the regulations take effect, with the goal of issuing licenses within this year…
According to Ming Pao, the Hong Kong Financial Secretary and the SFC consulted the public for two months in June regarding the licensing system for overall virtual asset trading and custody service providers. Financial Secretary Paul Chan stated that the two consultations aim to publish a summary in the first half of next year…
According to the Hong Kong Economic Journal, the Director of Invest Hong Kong, Liu Kaixuan, recently stated that there are currently stablecoin operators negotiating with their financial team about the opportunity to settle in Hong Kong. It is expected that relevant companies will land shortly after the "Stablecoin Ordinance" takes effect next month…
According to Zhitong Finance, Guotai Junan Securities stated on July 7 that its subsidiary is preparing to apply for virtual asset-related trading licenses and has had multiple contacts with relevant institutions with rich experience in international and Hong Kong regions regarding this matter. They will actively promote specific application matters. The subsidiary holds business licenses issued by the Hong Kong SFC, including: License No. 1: Securities trading…
Hong Kong SFC holds the second digital asset advisory group meeting
The Hong Kong Securities and Futures Commission held the second digital asset advisory group meeting. This meeting with licensed virtual asset trading platforms covered a wide range of topics related to market and regulatory developments in Hong Kong's digital asset sector…
According to Ming Pao, CPPCC Standing Committee Member Yao Zhisheng stated that stablecoins represent a significant opportunity for Hong Kong's financial development. From the perspective of international market payment demand, the application scenarios for Hong Kong dollar stablecoins will not be many, and the usage will not be large. For Hong Kong, the development of stablecoins is mainly not because the Hong Kong dollar stablecoin itself is so important, but because Hong Kong can take the lead in exploring the field of stablecoins regarding the internationalization of the renminbi…
Eric Trump to attend BTC Asia Summit in Hong Kong at the end of August
According to CoinDesk, Eric Trump, the son of former President Trump, confirmed that he will attend the BTC Asia Summit held in Hong Kong from August 28 to 29.
According to Yicai, the Hong Kong "Stablecoin Ordinance" will take effect on August 1 this year, at which point the Hong Kong Monetary Authority will begin accepting license applications. Alex Zuo, Senior Vice President and Head of Payment Business at Cobo, told reporters: "The stablecoin licenses in Hong Kong are still relatively scarce, and on the surface, more than 40 companies have submitted applications…
According to Zhitong Finance, Hang Seng Electronics stated on the interactive platform that its subsidiary Hengyun Technology is one of the first providers of virtual asset trading systems in Hong Kong, having assisted multiple financial institutions in going live and completing secure connections with virtual asset exchanges in the past two years…
Greenland Holdings stated on the interactive platform that as of now, Greenland Jinchuang holds License No. 4 and License No. 9 issued by the Hong Kong Securities and Futures Commission and has upgraded to support virtual asset-related business licenses.
Delin Holdings (01709.HK) announced that the group plans to tokenize assets with a total value of up to HKD 500 million, involving several rights located on Wellington Street in Central Hong Kong and three fund assets managed by the group. This project will be tokenized using blockchain infrastructure provided by Asseto and will be distributed to qualified shareholders in a compliant manner…
According to Hong Kong Wen Wei Po, HSBC has completed the experimental testing of the Monetary Authority's "Digital Hong Kong Dollar +" project and will announce research results within the year, along with a public opinion survey targeting local citizens. HSBC stated that the technical application testing under the "Digital Hong Kong Dollar +" project focused on the practical situations that may be encountered when designing, implementing, and operating a digital currency ecosystem…
Hong Kong listed company Puxing Energy subscribes to HashKey Holdings Class A preferred shares
Hong Kong listed company Puxing Energy announced the subscription of Class A preferred shares of HashKey Holdings, currently holding no more than 5% of HashKey Holdings Limited's equity, becoming its shareholder.
Yang Tao, Deputy Director of the National Financial and Development Laboratory, published an article titled "The Development Model of Renminbi Stablecoins Can Be 'Combined Internally and Externally'," which pointed out that stablecoins created based on the Web3.0 world have surpassed the traditional offshore and onshore categories. To better achieve strategic coordination, proactive regulation, and collaborative promotion, it should be considered to adopt a linked development model for domestic offshore and foreign offshore renminbi stablecoins. The article suggests that it may be considered to promote the innovative exploration of related renminbi stablecoins in the Shanghai Free Trade Zone and Hong Kong simultaneously…
According to Hong Kong Wen Wei Po, an Octopus spokesperson stated that the platform has not launched a stablecoin product development project in partnership with IDA, Brinc, and other companies. The spokesperson pointed out that the platform is acting as a consultant, supporting a concept accelerator program led by Brinc aimed at exploring a new generation of Web3 customer loyalty solutions. This program is purely exploratory in nature…
Tiansheng Capital plans to apply for Hong Kong stablecoin license
According to Hong Kong Commercial Daily, Tiansheng Capital plans to apply for a Hong Kong stablecoin license by establishing a digital asset trading and settlement company and plans to use its stablecoin as its digital currency for art trading and settlement, promoting art and cultural transactions in Hong Kong…
Industry Observation
CZ is the founder of Binance and one of the most successful entrepreneurs of our time. In this interview, we delve into his life journey—from purchasing Bitcoin for the first time in 2013 to how he copes with the ups and downs of the crypto market, as well as his outlook for the future. The interview covers his childhood experiences, career, the story of founding Binance, and the various challenges he faces in the crypto industry.
"Hong Kong Warns of 'Overheating' Risks of Stablecoins"
"Stablecoins are not tools or means for making money and speculation. We hope the market returns to the original intention of launching stablecoins in Hong Kong, which is to use this financial tool to help the real economy and improve the efficiency of capital circulation."
After a series of favorable policies regarding the development of stablecoins and other digital assets were announced, as market enthusiasm continues to surge, several relevant regulatory departments in the Hong Kong Special Administrative Region have recently expressed the above views, emphasizing that the issuance and application of stablecoins are still in the exploratory stage, with high entry barriers and involving multiple levels of institutional construction or connection, thus requiring cautious advancement.
With the high popularity of stablecoins, attention is gradually shifting to practical application scenarios. Recently, market news has emerged that Yiwu has cases of accepting stablecoin payments for foreign trade goods, making it a focal point once again.
A report from Huatai Securities shows, "In the world's small commodity center, Yiwu, stablecoins have become an important tool for cross-border payments. Blockchain analysis company Chainalysis estimates that the on-chain stablecoin flow in the Yiwu market exceeded USD 10 billion in 2023." Some people have also posted online claiming, "More than 3,000 merchants in Yiwu are using USDT and other stablecoins for payments, with monthly turnover exceeding USD 1 billion, directly saving nearly 10 million RMB in fees!"
So, what is the real situation of stablecoin usage in Yiwu?
To find out, a reporter from the 21st Century Business Herald conducted an on-the-ground investigation in Yiwu regarding the usage of stablecoins.
In this episode of the podcast, Will, a major creditor in China for FTX, details his personal experience in the FTX incident, the process of asset loss, and the potential impact of FTX's motion for "restricted jurisdiction" on Chinese creditors. Will pointed out that this motion could prevent creditors from 49 countries, including China, from receiving compensation, with the core issue being that the legal opinion issued by lawyers hired by FTX may be biased, resulting in the deprivation of Chinese creditors' rights. Will has contacted lawyers and initiated actions against the motion, while also calling on more creditors to write to the judge expressing their objections. The interview also covers Will's review of asset allocation decisions before and after FTX's collapse, legal strategies for rights protection actions, and the systemic injustices behind the motion.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the subscription and redemption volume of Hong Kong Bitcoin spot ETFs was 0, with a total holding value of approximately USD 488 million, an increase of about USD 36.65 million in holding value; the net subscription and redemption volume of Ethereum spot ETFs was 0, with a total holding value of approximately USD 64 million, an increase of about USD 9 million in holding value.
Event Information
TradFi x Crypto Surveillance
TradFi x Crypto Surveillance closed-door meeting will be held on July 15 at 15:30 in Hong Kong, hosted by Solidus Labs. This event invites experts to delve into case studies, share insights on cyber financial crime, and discuss strategies to protect the integrity of spot, derivatives, and other markets.
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