整理：Nona，Techub News
**TinTinLand
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Fear and Greed Index: 51 (Neutral)
Bitcoin Price: $116,596
BTC/ETH Spot ETF Fund Flow (9.17)
BTC Net Outflow: $201.01 M
ETH Net Outflow: $27.75 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (9.16)
BTC Net Redemption: 12.58 BTC
ETH Net Subscription: 0 ETH
The new policy report will help Hong Kong break through obstacles and promote economic transformation. Dr. Wu believes that to further enhance Hong Kong's industrial development, it is essential to promote Hong Kong as a Web3 hub, strengthening the connection between the traditional financial system and the cryptocurrency market, allowing the Web3 industry to enhance the total GDP output of the real economy.
Hong Kong's cryptocurrency regulation will enter a phase of dynamic optimization and deepening practice. In the future, regulatory agencies need to keep up with international trends and strengthen cross-border regulatory cooperation; industry participants should establish a regular compliance communication mechanism. It is hoped that Hong Kong will take CRP-1 as an opportunity to improve regulatory technology, balance investor protection and innovation, and set a global regulatory example.
The Hong Kong Securities and Futures Commission welcomes the measures proposed in the Chief Executive's 2025 Policy Address to support Hong Kong's continued development as a leading international financial center. The policy address's recommendations to strengthen the stock market and optimize the listing system will consolidate Hong Kong's position as the global preferred listing location. In terms of innovation, suggestions regarding the expansion of digital asset products and services offered to professional investors are expected to promote the development of Hong Kong's digital asset ecosystem.
The Chief Executive of the Hong Kong Special Administrative Region, John Lee, stated that the Hong Kong Monetary Authority will promote commercial banks to launch tokenized deposits and facilitate the trading of real tokenized assets. For example, using tokenized deposits to settle tokenized money market funds, assisting the government in normalizing the issuance of tokenized bonds, and encouraging banks to strengthen risk management through regulatory sandboxes. John Lee stated that Hong Kong is implementing a stablecoin issuer system and is formulating legislative proposals for the licensing system of digital asset trading and custody services, while the Hong Kong Securities and Futures Commission is studying the expansion of the types of digital asset products and services available to professional investors, ensuring adequate investor protection, and strengthening international tax cooperation to combat cross-border tax evasion.
New Fire Technology Holdings Limited has officially established a strategic partnership with Boya Interactive International Limited. New Fire Technology will explore Web3 ecosystem business cooperation based on a compliance framework with Boya Interactive and will create a dedicated digital asset compliance management plan for Boya Interactive.
The Chief Executive of the Hong Kong Special Administrative Region, John Lee, stated that he aims to promote Hong Kong as an international gold trading market; to expand gold storage, with a goal of building a regional gold reserve hub exceeding 2,000 tons in three years. This will enrich gold investment tools and assist issuers in issuing gold funds and tokenized gold investment products.
Web3 and RWA Development: Legislator Wu Jiezhuang expressed support for the Chief Executive's firm promotion of Hong Kong's Web3 ecosystem and real-world asset (RWA) development in the policy address, believing that these measures will help consolidate Hong Kong's status as an international financial center and enhance global competitiveness.
KOL Regulation: The Hong Kong Securities and Futures Commission plans to issue guidelines to licensed corporations to clarify the standards that should be followed when hiring financial KOLs and using digital platforms for promotion. They are currently conducting informal consultations with the industry. The Hong Kong Securities and Futures Commission is considering tightening compliance requirements for licensed institutions hiring financial KOLs, including requiring brokers to conduct due diligence on KOLs, assess their background, reputation, and experience, and continuously monitor their activities to ensure content accuracy and non-misleading nature, while taking measures to identify potential market manipulation.
Hong Kong-listed company Boya Interactive announced that from September 15 to September 16, 2025, the group conducted a series of transactions in the open market, purchasing a total of approximately 245 bitcoins for a total consideration of about HKD 219 million (approximately USD 28.16 million). After this purchase, as of the date of this announcement, the group holds approximately 3,925 bitcoins, with an average purchase cost of USD 66,094 per bitcoin.
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Qianxun Technology has signed a non-binding memorandum of understanding for a potential acquisition, intending to acquire 100% of the shares of Web3 fintech company Punk Code for no more than HKD 25 million.
[DAT](Selected Events in Hong Kong for September)
We have specially compiled noteworthy events in the cryptocurrency field in Hong Kong for September, which will open a window to the future of Web3 for you.
Currently, altcoins are heavily allocated in many companies' financial reports, leading to market doubts about certain digital asset companies (including some DAT or similar financial entities). Altcoins are under scrutiny in the treasury, and Bitcoin treasuries are now also facing questions.
Regulation/Macro: This article aims to comprehensively analyze the concept, origin, current status, key cases, and future prospects of the DAT track, providing market participants with clear strategic responses. The article will explain how DAT has evolved from the initial "coin hoarding" model, where listed companies treat digital assets as core reserves, into a complex financial engineering strategy.
The UK's Financial Conduct Authority (FCA) plans to relax some regulations on cryptocurrency companies. The requirements for crypto companies regarding senior management, systems, and controls will be more lenient than those for banks or investment platforms. However, in other areas, the FCA intends to tighten rules related to industry-specific risks.
Prominent cryptocurrency executives will meet with members of the U.S. Senate Banking Committee on Thursday to discuss regulatory issues that may affect the future of the digital asset industry. One of the core agenda items is expected to be the distinction between securities and commodities in the cryptocurrency space. Due to a lack of clarity, the U.S. Securities and Exchange Commission (SEC) has taken several high-profile enforcement actions, creating uncertainty for developers, exchanges, and investors. Industry executives are expected to urge lawmakers to clarify which digital assets fall under the SEC's jurisdiction and which should be regulated by the Commodity Futures Trading Commission (CFTC). Another focus will be the regulatory treatment of decentralized finance (DeFi) platforms, which facilitate peer-to-peer trading and lending without intermediaries. While DeFi has been a major driver of blockchain innovation, it has also raised concerns among policymakers regarding consumer protection, money laundering, and systemic risk. Thursday's discussion may explore how to implement safeguards without stifling the growth of this rapidly evolving industry.
A spokesperson for Malta's financial regulator stated on Tuesday that the agency opposes actions by other countries to grant more power to EU securities regulators to oversee cryptocurrency companies. The Malta Financial Services Authority (MFSA) had its cryptocurrency licensing process reviewed earlier this year. The agency stated that it supports the European Securities and Markets Authority's work to achieve regulatory convergence in cryptocurrency regulation but does not support regulatory centralization.
According to the Financial Times, the UK and the US have announced plans to strengthen cooperation on cryptocurrency, focusing on stablecoin matters.
According to Jin10 data, the Federal Reserve stated that Stephen Milan has been sworn in as a Federal Reserve Governor ahead of the Federal Open Market Committee meeting.
U.S. Treasury Secretary Scott Bessenet stated, "I believe the market has priced in a cumulative rate cut of 75 basis points from now until the end of the year, with an inversion appearing at the front end of the yield curve, while the long end remains very firmly anchored."
[Project/Company Dynamics](25 basis points have been priced in)
Coinbase Chief Legal Officer Paul Grewal has written to the U.S. Department of Justice, requesting federal regulators to prioritize state-level regulations that conflict with national cryptocurrency policy to establish a unified regulatory framework. Although the SEC has dropped its charges against Coinbase, Oregon has still filed a lawsuit against the exchange, accusing it of encouraging the sale of unregistered crypto assets. Coinbase has escalated the Oregon case to federal court and has filed a lawsuit against the state's governor.
]( Urging the U.S. Department of Justice to establish a unified cryptocurrency regulatory framework
