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 July 21 to July 27, 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 the Hong Kong Economic Journal, as the "Stablecoin Regulation" is set to take effect on August 1, Chairman of the Hong Kong Financial Development Bureau, Hong Pi, stated at the annual report release that stablecoins are a part of the digitalization of Hong Kong's financial market and should play a "stabilizing" role rather than being manipulated by short-term speculation…
According to Zhitong Finance, Derin Holdings announced that it has signed a non-binding term sheet with Hong Kong tech company Fulong Consulting Limited, and the group will engage in strategic cooperation and share exchange with Fulong. As part of this strategic initiative, the company will invest in Fulong through a share exchange at a cost of HKD 60 million…
Insiders: Hong Kong's stablecoin license review will be conducted by invitation only
According to Caixin, citing insiders, the Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025, and the application for stablecoin licenses will be initiated. Two sources indicated that the licenses for stablecoin issuers will not be conducted through a self-downloaded form and unified written application submission…
According to Xinhua News Agency, Hong Kong Chief Executive John Lee stated on social media that the Hong Kong SAR government has implemented a series of listing system reforms in recent years, resulting in a prosperous new stock market this year. As of mid-July, there have been 52 IPOs, raising HKD 124 billion, representing increases of 30% and 590% year-on-year, respectively…
Ping An: Actively researching regulatory changes related to stablecoins in the Hong Kong market
According to Financial Associated Press, Ping An has noted the regulatory changes related to stablecoins in the Hong Kong market. Ping An has a strong foundation in blockchain technology and will maintain a high level of attention and actively research.
According to Zhitong Finance, Coolpad Group (02369.HK) announced the formal establishment of the "Real World Asset Tokenization Division" (referred to as "RWA Division"). The establishment of this department aims to coordinate and promote key work related to RWA asset tokenization. The company began exploring Web3-related fields as early as 2023, and the establishment of the RWA Division aims to systematically adapt to the technological changes of Web3…
Futu collaborates with Huaxia Fund to launch tokenized money market fund covering HKD, RMB, and USD
Brokerage Futu (NASDAQ: FUTU) announced that it has reached a long-term cooperation with Huaxia Fund (Hong Kong) to launch a tokenized money market fund product covering three major currencies: HKD, RMB, and USD. In the future, both parties will explore "on-chain"…
Adde Financial announced that its subsidiary, Adde Securities and Futures, has received approval from the Hong Kong Securities and Futures Commission to provide digital asset deposit and withdrawal services, laying the foundation for the group's further development of digital asset trading, including stablecoins and tokenized real-world asset (RWA) product distribution…
The Hong Kong Monetary Authority will release a summary of stablecoin issuer rules next week
According to Zhitong Finance, the Hong Kong Monetary Authority will release a summary of stablecoin issuer rules next week.
According to Jinshi, the President of the Hong Kong Monetary Authority, Yue Weiman, discussed stablecoins again, stating that with the recent hype around stablecoins, there has been excessive excitement in the market. Some listed companies, regardless of whether their main business is related to stablecoins or digital assets, have seen their stock prices rise and trading volumes increase simply by claiming an intention to develop stablecoin businesses…
According to Sing Tao Daily, Hong Kong Customs today cracked a money laundering case involving smuggled cash and virtual assets, with an amount of approximately HKD 1.15 billion, and arrested a local man and a non-local man. Customs officers identified a 37-year-old local man and a 50-year-old non-local man and launched a wealth investigation, discovering that the two had smuggled cash out of the country and frequently and rapidly conducted large transactions of stablecoins and fiat currencies with unknown funds…
According to Hong Kong Wen Wei Po, Fosun Wealth's subsidiary, Xinglu Technology, launched a one-stop RWA technology, issuance, and distribution platform, FinRWA Platform 1.0 (FRP 1.0). CEO Cai Hua stated that FRP 1.0 is an open platform that can provide asset parties with Hong Kong-compliant RWA issuance guidelines and technical support, enabling various financial institutions to quickly access the distribution, trading, and redemption of RWA and stablecoin markets, providing compliant and stable one-stop trading services…
According to Securities Times, President of the Hong Kong Monetary Authority, Yue Weiman, reminded that there have been recent scams using the promotion of digital assets and stablecoins, causing losses to the public. The "Stablecoin Regulation" will take effect on August 1, and according to the regulations, promoting any unlicensed stablecoin to the public in Hong Kong will be illegal from the effective date…
According to Tonghuashun, the Blockchain and Data Element Professional Committee of the China Mobile Communications Association visited Guolian Co., Ltd., and the company was approved as a core member of the RWA ecological partners. The two parties discussed three strategic directions: standardization of RWA/RDA asset issuance, co-construction of the RWA joint laboratory, and the construction of a cross-border digital asset hub in Hong Kong, exploring innovative paths for the integration of the digital economy and the real economy…
According to Ming Pao, Jingdong's Jingdong Coin Chain Technology signed a memorandum of understanding with the School of Business of Hong Kong Polytechnic University, and both parties will collaborate on fintech and stablecoin ecosystem development through joint research projects, technology development and application, talent cultivation, and information sharing, jointly promoting innovation and practice in the fintech and stablecoin fields.
State-owned enterprise of Vanuatu considers applying for a stablecoin issuer license in Hong Kong
According to Wen Wei Po, the Republic of Vanuatu held a national resource promotion conference in Hong Kong, and the state-owned South Pacific Digital Technology Holdings, led by the government as a major shareholder, signed a memorandum of cooperation with Jiamu Technology, Yunzhisheng, Tridens Investment, and BitTrade Co., Ltd. Executive Director of South Pacific Digital Technology Holdings, Zeng Xiangyun, stated that the purpose of this cooperation is to deploy and develop in the Web3 field…
HSBC: Under the current system, HKD stablecoins will not affect the linked exchange rate system
According to Ming Pao, HSBC's report believes that the stablecoin licensing system is an important step for Hong Kong to develop into a global hub for digital asset investment and innovation. The bank believes that even if the supply of HKD stablecoins increases in the future, it will not affect the linked exchange rate under the current system…
According to Zhitong Finance, Fusheng Financial (02263.HK) announced that its indirectly wholly-owned subsidiary, Jiafuda Securities Limited, submitted an application to the Hong Kong Securities and Futures Commission on July 25, aiming to provide virtual asset trading and consulting services as an intermediary under the Securities and Futures Ordinance (Hong Kong Law Chapter 571) Class 1 (Securities Trading) regulated activity license.
Industry Observation
“Does the judicial disposal of virtual currency require domestic 'intermediary institutions'?”
Recently, there have been some new developments in the field of judicial disposal of involved virtual currencies (hereinafter referred to as "judicial disposal"). Especially after the Beijing Municipal Public Security Bureau's Legal Affairs Team announced a new model (see Lawyer Liu's previous article: "What is the 'new channel' for the disposal of involved virtual currencies by the Beijing Municipal Public Security Bureau? Can it be disposed of now?"), Lawyer Liu has received inquiries from domestic judicial authorities and disposal companies. The core question everyone is concerned about is: "What exactly is the 'North Exchange' model? Does domestic judicial disposal have to go through intermediary institutions like the North Exchange?" and also asking Lawyer Liu to assess the future trends of judicial disposal in mainland China, etc. Today, we will write this short article to analyze the above questions one by one.
“China Blockchain to launch offshore RMB-backed stablecoin”
Chinese blockchain developer Conflux has launched the third iteration of its public network and announced a stablecoin plan pegged to the offshore RMB. According to a report from the Shanghai Municipal Government, Conflux revealed these latest updates at a three-day conference held last weekend. The company stated that it will collaborate with fintech company AnchorX and IT security provider Eastcompeace to bring the offshore RMB-backed stablecoin to market.
“Stablecoin payments and global capital flow models”
Stablecoins are the most representative practical tools in the digital currency field, demonstrating how blockchain can provide a new and efficient infrastructure for traditional financial payment systems. Over the past year, the total market value of stablecoins has grown by more than 50%; since November, following Trump's re-election, it has accelerated sharply. Currently, the total market value of stablecoins exceeds USD 250 billion and is on the verge of an explosive period. This volume has already facilitated the efficient flow of trillions of dollars in global payment funds.
“SlowMist: Smart Contract Implementation Guide for Hong Kong Stablecoin Issuers”
With the formal passage of the "Stablecoin Regulation," the Hong Kong Monetary Authority (HKMA) released the "Regulatory Guidelines for Licensed Stablecoin Issuers (Draft)" on May 26, 2025, aimed at ensuring the stable, safe, and compliant operation of the local stablecoin ecosystem. The guidelines detail the regulatory requirements and operational standards that licensed stablecoin issuers must continuously comply with.
Recently, an increasing number of institutions have consulted the SlowMist security team regarding the compliant implementation of smart contracts. To assist issuers in better understanding and deploying a compliant smart contract system, we have specially released the "Smart Contract Implementation Guide for Hong Kong Stablecoin Issuers" to provide clear technical pathways and practical advice, supporting the healthy development of the Hong Kong stablecoin ecosystem.
“Behind the Scenes of the Coin-Stock Craze: SharpLink and A.G.P.”
On July 15, 2025, a shocking announcement ignited the market: the near-delisting gaming company SharpLink declared it would use the $413 million raised in a week to buy Ethereum. The capital market responded with fervor—according to data from Investing and Nasdaq, its stock price skyrocketed by 528% in six months, surging over 150% in a single month.
However, SharpLink's comeback story is just the tip of the iceberg. Almost simultaneously, a broader capital alchemy was quietly unfolding across various industries: a traditional consumer goods company (Upexi) seamlessly incorporated SOL tokens into its reserves through clever bond design; a crypto mining giant (Bitdeer) successfully connected with traditional capital on Wall Street; and a cutting-edge Canadian tech company (BTQ) raised tens of millions from U.S. investors by exploiting regulatory loopholes.
In this episode, Circle's Chief Strategy Officer Dante Disparte—one of the key figures behind this legislation—explains how the bill garnered bipartisan support amid political tensions; why banks may think twice before issuing stablecoins; and why Circle is applying for a national trust bank license.
Additionally, the program discusses the debate surrounding interest-bearing stablecoins, how this bill fits into the broader financial regulatory framework, and whether U.S. consumers and the dollar will benefit as a result.
“Wall Street Tycoon Dan Tapiero: I Am All In on the Crypto Industry, Bitcoin Will Reach $1 Million”
In the fast-changing financial world, some voices can penetrate the fog and guide the way. Dan Tapiero, founder of 10 T Holdings (now renamed 50 T) and One Roundt Partners, a global macro investment veteran who once managed over $1.5 billion in Web 3 and digital assets, has now bet his entire fortune on the trillion-dollar future of cryptocurrency. This podcast episode explores his survival rules in this "new world," risk management philosophy, and unique insights into industry development.
“Web3 Deposit and Withdrawal Must-Read: Compliance Platforms, KYC, and Tax Obligations”
Although cryptocurrency payment technology is becoming increasingly mature, the exchange between fiat currency and cryptocurrency (i.e., "deposit and withdrawal") remains a core aspect that Web3 investors cannot avoid. Since cryptocurrencies have not yet become mainstream payment tools, if the crypto assets in investors' wallets or exchange accounts cannot be smoothly converted into fiat currency, their value will be limited to specific scenarios. However, deposit and withdrawal directly relate to fund security, and with risks such as account freezing and fraud being omnipresent, how to choose safe and reliable deposit and withdrawal channels and conduct comprehensive risk prevention before, during, and after transactions is a question every Web3 investor must consider.
“The Economist: If Stablecoins Are Truly Useful, They Will Also Be Truly Disruptive”
One thing is clear: the view that cryptocurrencies have not produced any noteworthy innovations has long since become a thing of the past. In the eyes of conservative figures on Wall Street, the "use cases" of cryptocurrencies are often discussed with a tone of ridicule. Veterans have seen it all. Digital assets come and go, often in the limelight, exciting those investors keen on memecoins and NFTs. Besides being used as tools for speculation and financial crime, their other applications have repeatedly been found to have flaws and shortcomings.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week the subscription volume for Hong Kong Bitcoin spot ETFs was 33.54 units, with a total holding value of approximately $490 million, a decrease of about $17.45 million in holding value; the net subscription volume for Ethereum spot ETFs was 1,352.97 units, with a total holding value of approximately $86.2 million, an increase of about $5 million in holding value.
Event Information
“RWA Global Industry Alliance” 2025 Hong Kong
The “RWA Global Industry Alliance” will be held on July 30 from 9:00 AM to 5:00 PM at Cyberport, Hong Kong. RWA tokenization is becoming a new high ground in the global fintech sector. The year 2025 will mark a critical milestone for the application of RWA, with Hong Kong being a unique intersection of international finance and digital assets, possessing unparalleled geographical advantages and policy support.
To promote the compliant development of the global RWA industry and strengthen upstream and downstream collaboration, the China Communications Industry Association, the China Mobile Communications Association, along with several organizations including the Blockchain Professional Committee of the China Communications Industry Association, the Artificial Intelligence and Metaverse Industry Working Committee of the China Mobile Communications Association, the Digital Economy Community, the New Development Research Institute of Guangdong University of Finance, the Zhuhai Fudan Innovation Research Institute, the Asia Metaverse Industry Alliance (AMIA), Beijing Zhongzhou Law Firm, Sinna (Hong Kong) International Group Co., Ltd., and Maiyou Cloud Chain (Shenzhen) Technology Co., Ltd., jointly initiated the “Hong Kong RWA Global Industry Alliance” and will hold the alliance's founding conference in Hong Kong.
This conference will gather global regulatory representatives, industry experts, capital parties, and innovative enterprises to jointly release the alliance's plans, showcase progress, and establish industry cooperation, opening a new chapter in the integration of real assets and the digital economy.
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