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 September 29 to October 5, 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
OristaPay Officially Launched by Yuanbi Technology for Cross-Border Payments
Yuanbi Technology Group announced the official launch of its new cross-border payment brand "OristaPay." This move clearly distinguishes the group's two core businesses: one focuses on cross-border payment services under "OristaPay," which includes fiat wallets and payment services, operated by the group's subsidiary Yuanbi Wallet Technology Co., Ltd., which holds a Stored Value Facility (SVF) license; digital payment and escrow services are provided by RD Escrow……
The Hong Kong Securities and Futures Commission released a financial review report for the securities industry. The report indicates that the Hong Kong securities industry has maintained stable growth this year, with net profits increasing by 14% to HKD 28.9 billion amid record trading volume. The total commission income reported from virtual asset trading for the first half of 2025 was HKD 127.9 million, an increase of HKD 500,000 compared to the second half of 2024, while income from securities trading…… Xu Zhengyu: The First Batch of Stablecoin Licenses to Be Issued as Scheduled Early Next Year Hong Kong Financial Secretary Xu Zhengyu stated in an interview with Caixin that the application for compliant stablecoin licenses is progressing according to the original framework, with the first batch of licenses expected to be issued as scheduled in early 2026. Hong Kong's regulatory positioning is very clear, aiming to achieve a balance in three areas: innovation, integration into the real economy, and risk control……
Hong Kong Monetary Authority: 36 Institutions Have Submitted Stablecoin License Applications as of September 30 According to the Daily Economic News, the Hong Kong Monetary Authority revealed that as of September 30, it had received stablecoin license applications from 36 institutions, including banks, technology companies, and various other entities. The Monetary Authority will approve applications according to the "Stablecoin Ordinance," aiming to announce the first batch of licenses early next year, with only a few licenses issued in the first phase. Previously, the Monetary Authority encouraged institutions interested in applying for licenses to contact them by August 31 or earlier……
Yunfeng Financial Strategically Invests in Global Cryptocurrency Life Insurance Company Anthea
Hong Kong-listed company Yunfeng Financial (00376.HK) announced that it has successfully made a strategic investment in the global cryptocurrency life insurance company Anthea Holding Limited and signed a strategic cooperation memorandum with it. Both parties will explore growth opportunities in global cryptocurrency life insurance and apply blockchain technology in insurance compliance processes (such as KYC and anti-money laundering)……
According to CCTV News, a consumer loan for Hong Kong residents in Mainland China, relying on the Shenzhen-Hong Kong cross-border data verification platform, was recently issued in Shenzhen. This marks another breakthrough in the Shenzhen-Hong Kong cross-border financial pilot. This pilot innovatively applies blockchain technology to efficiently verify the credit data of Hong Kong residents, effectively solving the cross-border financing issues caused by the lack of credit records in Mainland China……
Industry Observation
"Petro-CNH": A CNH Stablecoin System Anchored by Petrochemical RWA
In the current context of the fatigue of "petrodollars" and the exploration of "electricity RMB," limiting the international use of the RMB to clean electricity would miss a pivot with greater industrial depth and global breadth: the real-world assets (RWA) of oil and chemicals. The so-called "Petro-CNH Stablecoin" (abbreviated as CNHP) does not replicate the single commodity standard of petrodollars, nor is it equivalent to the "electricity RMB" anchored by energy and electricity, but is based on the large-scale, auditable, priceable, and liquid RWAs of China's petrochemical industry as underlying collateral, reconstructing the pricing and settlement methods of commodity trade through compliant stablecoins and cross-border clearing networks.
Why Does Hong Kong's Blockchain Policy "Waver"?
With the stablecoin legislation in the U.S. and Hong Kong, and the resulting driven stock and cryptocurrency market trends, stablecoins and RWAs are now hot topics in Hong Kong, with discussions about recent market trends and rumors happening at every dining table. Traditional financial giants are beginning to actively participate in crypto opportunities, and a large number of traditional internet and AI entrepreneurs are flocking to Hong Kong seeking ways to integrate Web3. Many forward-looking entrepreneurs from traditional industries are also starting to pay attention to crypto, and even discussions about stablecoins and RWAs in hotel lobbies attract curious inquiries and exchanges from others.
The U.S. Securities and Exchange Commission did not take any action on Thursday (the initial deadline for its decision), leaving Canary Capital's spot Litecoin exchange-traded fund in limbo.
The SEC's silence has left the crypto community uncertain about how the agency will operate during the federal government shutdown and how its new universal listing standards will affect the timeline for dozens of pending crypto ETF applications.
Bloomberg ETF analyst James Seyffart and FOX News reporter Eleanor Terrett pointed out that the old 19b-4 deadline for crypto ETF applications may no longer apply, as the SEC has requested applicants to withdraw these deadlines, leaving only the S-1 registration statement as the sole document requiring approval from the regulatory agency.
DeFi is Replicating the Script of SaaS and Fintech
In 2010, Andrew Parker of Spark Capital published a blog depicting how dozens of startups leveraged the "splitting" opportunity of Craigslist. At that time, Craigslist was a "horizontal" internet marketplace offering a variety of services from housing rentals and part-time jobs to second-hand goods trading, as shown in the image below.
Parker concluded that many successful companies—Airbnb, Uber, GitHub, Lyft—cut out a very small vertical from Craigslist's broad functionality and significantly improved the experience. This trend initiated the first wave of "market splitting": the large and comprehensive platform of Craigslist was gradually replaced by applications focused on single purposes. These newcomers not only enhanced the user experience (UX) of Craigslist but completely redefined it. In other words, "splitting" deconstructs a broad platform into narrower, independently governed verticals, uniquely meeting user needs and thus disrupting Craigslist.
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 15.71 units, with a total ETF holding value of approximately USD 521 million, an increase of about USD 47 million in holding value; the subscription volume for Ethereum spot ETFs was 293.99 units, with a total ETF holding value of approximately USD 142 million, an increase of about USD 18 million in holding value.
Event Updates
CARF and CRS 2.0: Survival Skills Before 2026
Hosted by GDF, the conference will be held on October 7 via Zoom, discussing key aspects of the Crypto Asset Reporting Framework (CARF) and Common Reporting Standards (CRS). It will focus on model self-certification, potential transitional rules, technologies applicable to stablecoins, and the overlap between CRS and CARF in tokenized real-world assets. The guest lineup includes Dr. Max Bernt, Daniel Dezankowski from PwC, Pedro from Binance, and Elise Soucie Watts from Global Digital Finance (GDF) to help you tackle implementation and compliance challenges.
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