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 28 to August 3, 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 Zhitong Finance, Fortune Stone 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…
Round Coin Technology plans to issue HKD stablecoin HKDR on Ethereum
According to Hong Kong media Xinbao, the Hong Kong stablecoin regulations will take effect on Friday (August 1). Round Coin Technology is one of the sandbox participants for stablecoin issuers under the Monetary Authority. The company's CEO, Liu Yu, stated in a recent interview that they intend to issue the HKD stablecoin HKDR on the Ethereum public chain…
Hong Kong Monetary Authority holds technical briefing on stablecoin issuer regulatory framework
According to Zhitong Finance, the Hong Kong Monetary Authority held a technical briefing on the regulatory framework for stablecoin issuers. The briefing was hosted by senior officials from the Monetary Authority, including Vice President Chen Weimin, Assistant Vice Presidents Chen Jinghong and He Hanjie, and Digital Finance Supervisor He Hongzhe…
According to Zhitong Finance, the Hong Kong Monetary Authority released the "Guidelines for Licensed Stablecoin Issuers" and "Guidelines for Combating Money Laundering and Terrorist Financing" in conjunction with the regulatory framework for stablecoin issuers that will take effect on August 1. The two sets of guidelines were published in the gazette on August 1. The Hong Kong Monetary Authority also released a summary explanation related to the licensing system and application procedures for stablecoin issuers, as well as a summary explanation of the transitional provisions for existing stablecoin issuers…
According to Ming Pao, Hong Kong Monetary Authority Vice President Chen Weimin predicted that authorities may issue the first batch of stablecoin licenses as early as early next year when discussing the licensing timeline for stablecoins. When discussing the fiat currency types linked to the Hong Kong version of stablecoins, Chen Weimin stated that the authorities are "relatively open"…
According to the Hong Kong Radio website, Hong Kong Election Committee member Wu Jiezhuang stated that since the local stablecoin regulations were passed and overseas regulatory agencies announced regulatory details, there has been speculation in the financial market, and many institutions have recently inquired about licensing matters…
According to the Hong Kong Radio website, the "Stablecoin Ordinance" will take effect this Friday, and the Hong Kong Monetary Authority stated that a 6-month transition period will be established to handle institutions that already have stablecoin issuance operations in Hong Kong, including issuing temporary licenses to issuers capable of complying with regulatory requirements; if the issuer fails to meet the relevant requirements within 3 months after the ordinance takes effect, they must orderly cease operations in Hong Kong within 4 months after the law takes effect…
Previously, according to Caixin, the Hong Kong Monetary Authority will open the first batch of stablecoin issuer license applications from August 1 to September 30, 2025, and all Hong Kong compliant stablecoin holders must be real-name registered. Techub News contacted Hong Kong Legislative Council member Wu Jiezhuang regarding this, and he stated that the Hong Kong Monetary Authority will indeed implement KYC rules, but the specific implementation methods have not been fully determined, and real-name registration is just one method…
Hong Kong fintech group Round Coin Technology completes nearly $40 million Series A2 financing
Hong Kong fintech group Round Coin Technology (RD Technologies) announced today that it has successfully completed nearly $40 million in Series A2 financing. This round of financing was co-led by existing and new investors including Zhong An International (ZA Global), China Harbour, Bright Venture, and Hivemind Capital, with other investors including Sequoia China (HSG), Eternal Digital, Junshi Investment, and Guotai Junan International Private Equity Fund…
The Hong Kong Monetary Authority released the regulatory guidelines for licensed stablecoin issuers under the "Stablecoin Ordinance." Among the requirements, licensed stablecoin issuers must "ensure that they do not issue or offer the specified stablecoin in jurisdictions where trading is prohibited," and "licensees should implement control measures…
According to Wen Wei Po, the Hong Kong Financial Reporting Council released the "2024-25 Annual Inspection Report" and "2024-25 Annual Survey Report," showing that the proportion of audit projects rated as good or needing limited improvement increased from 26% last year to 35%, indicating an overall improvement in audit quality ratings. Liu Jianru, head of the inspection department of the Financial Reporting Council, pointed out at a press conference…
According to Hong Kong Wen Wei Po, Guotai Junan International completed the first public digital native bond issued by a Chinese-funded brokerage, with an issuance scale of no more than $300 million and a term of 3 years. This issuance adopts a direct issuance structure and is denominated in US dollars…
Hong Kong "Stablecoin Ordinance" officially takes effect
According to CCTV News, the Hong Kong "Stablecoin Ordinance" officially took effect on August 1. This establishes a licensing system for fiat stablecoin issuers in Hong Kong, improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation. After the implementation of the "Stablecoin Ordinance," anyone issuing fiat stablecoins in Hong Kong during business operations, or issuing fiat stablecoins claiming to be pegged to the value of the Hong Kong dollar in Hong Kong or outside, must apply for a license from the Financial Management Commissioner. Relevant parties must comply with regulations regarding reserve asset management and redemption…
According to AASTOCKS, Huaxing Capital's head of self-investment, Shi Ziyuan, stated, "The company will actively embrace Web3.0 and the digital asset industry, continuing to empower Hong Kong's digital industry ecosystem through investment banking services, strategic funds, direct investment expertise, and quality resources, applying to extend the Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to cover digital asset business…
Citi report: Hong Kong's stablecoin market size expected to be around $16 billion
According to AASTOCKS, Citi released a stablecoin report, stating that the Hong Kong stablecoin regulations took effect today, estimating the market size of Hong Kong's stablecoin to be around $16 billion (approximately HKD 125.6 billion), with upward risks. The report pointed out that given Hong Kong's relatively strict regulatory framework, companies with licenses, compliance practices, and credit business plans will be in long-term competition, and it is expected that the incremental market size of Hong Kong's stablecoin will be $16 billion…
Tencent News: CITIC Group and over 50 companies rush to Hong Kong for stablecoins
According to Tencent News "Observation," over 50 companies or institutions have flocked to the Hong Kong Monetary Authority, the regulatory body for stablecoins in Hong Kong, in recent times. Most of these companies are involved in cross-border trade businesses, including a certain energy giant state-owned enterprise and CITIC Group…
According to the Science and Technology Innovation Board Daily, the Hong Kong RWA registration platform will go live on August 7, initiated by the Hong Kong Web3.0 Standardization Association, which will connect the entire service system for the digitization, assetization, and financialization of RWA assets.
Industry Observation
In the process of accelerating global digital economy development, Hong Kong is seizing the opportunity for digital asset development with a clear strategic layout. On June 26, the Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" ("Policy Declaration 2.0"), reiterating its vision to make Hong Kong a global innovation center in the digital asset field. Recently, Hong Kong Financial Secretary Paul Chan accepted a written interview with our publication, systematically elaborating on the core essence of the "Policy Declaration 2.0," detailing Hong Kong's practical paths in digital asset regulation, stablecoin development, tokenization applications, and ecosystem building, demonstrating a firm determination to promote Hong Kong as a global innovation center in the digital asset field.
"Ethereum: A Decade of Narrative Transformation"
The narrative changes of Ethereum over the past decade are not just a story about Ethereum, but also a story about how technological ideals seek footholds in the real world.
"What does the police's issuance of 'stablecoin fraud prevention' mean for the crypto industry?"
In recent months, the team has clearly felt the rising popularity of concepts like "stablecoin" and "RWA." Various brokerages have occasionally mentioned "RWA concept stocks" in their research reports and listed several major A-shares related to RWA. Some self-media have also followed suit in speculation. While researching related legal issues, the team naturally saw the content of these reports, but to be honest, most of the content seems to be overly conceptualized hype, and the phenomenon of some listed companies "riding the wave" is rampant. For example, a certain A-share listed company that the team once followed, whose main business is lottery printing, has now become an RWA concept stock, which is quite amusing… Today, the team will discuss with friends the legal risks after the hype of RWA and stablecoins…
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 1,500 units, with a total holding value of approximately $489 million, a decrease of about $820,000 in holding value; the subscription and redemption volume for Ethereum spot ETFs was 0, with a total holding value of approximately $86.45 million, a decrease of about $6 million in holding value.
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