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 October 13 to October 19, 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, Circle's Vice President for Asia Pacific, Chen Qinqi, stated in an interview that under the current framework, professional investors in Hong Kong are still allowed to use USDC without regulation, and Circle has no plans to issue a local currency stablecoin. The company primarily issues two stablecoins, the US dollar stablecoin USDC and the euro stablecoin EURC, but is open to future collaboration with HKD stablecoins…
A subsidiary of Hong Kong listed company Daren International announced the signing of a memorandum of cooperation with FLock Technology Holdings, where both parties will work together to develop privacy-preserving artificial intelligence solutions and consider expanding more strategic cooperation in the future…
The Hong Kong Legislative Council released a special bulletin titled "Latest Developments in Hong Kong Fintech and Digital Assets," introducing how Hong Kong has innovated and applied technology in recent years in areas such as digital assets, green and sustainable finance, and cross-border finance, along with a summary of the relevant discussions in the Legislative Council…
According to the Hong Kong Wen Wei Po, Hong Kong licensed virtual asset exchange HashKey Exchange announced today that it has signed a memorandum of cooperation (MOU) with HATA, a leading compliant licensed digital asset exchange in Malaysia…
According to Caixin, Ant Group's acquisition of Hong Kong local brokerage and stablecoin concept stock Yau Ching Securities has made significant progress. The announcement of Ant Group's offer to acquire 50.55% of Yau Ching Securities' shares has finally received approval from the Hong Kong Securities and Futures Commission after more than six months of review…
According to Caixin, U.S. listed company QMMM Holdings (NASDAQ:QMMM) announced on September 9 this year that it planned to invest $100 million to establish a cryptocurrency reserve, with its stock price rising 9.6 times within three weeks. The U.S. SEC deemed that the company was suspected of manipulating stock prices using social media and ordered it to suspend trading from September 29. The company has been suspended since then. Caixin visited its Hong Kong headquarters on October 16 and found…
The Hong Kong Securities and Futures Commission welcomed the Financial Secretary's reappointment of Mr. Jiang Zhiqiao and Mr. Ye Lide as non-executive directors of the Commission for a two-year term, effective from November 15, 2025. Both were first appointed as non-executive directors of the Commission on November 15, 2021…
Futu Holdings' Hong Kong recruitment information reveals plans to launch DeFi platform
According to LinkedIn information, Futu Holdings' recruitment information in Hong Kong reveals plans to launch a DeFi platform. Futu Holdings is currently hiring a decentralized finance (DeFi) blockchain technology leader in Hong Kong, which involves DEX, lending protocols, RWA, and other business areas, aiming to drive end-to-end design and development of multi-chain DeFi applications, including defining technical architecture and ensuring smart contract security…
Insiders: Ant Group, JD.com, and others have suspended plans to issue stablecoins in Hong Kong
According to Lianhe Zaobao, foreign media disclosed that insiders said that Alibaba's Ant Group and e-commerce giant JD.com have suspended their plans to issue stablecoins in Hong Kong. Ant Group had stated in June this year that it would participate in the Hong Kong stablecoin pilot project, and JD.com had also indicated it would join the pilot program. Hong Kong passed the "Hong Kong Stablecoin Regulation Draft" in May this year. This regulation officially took effect on August 1…
Industry Observation
Today, according to Bloomberg, Ripple Labs is actively leading efforts to raise at least $1 billion in funding to accumulate XRP. According to insiders, this funding will be raised through a special purpose acquisition company (SPAC) and deposited into a newly established digital asset treasury (DAT), and Ripple Labs may invest some of its own XRP. Just last night, Ripple made another big move, announcing a $1 billion acquisition of financial management system company GTreasury, officially entering the corporate finance sector.
Ripple stated in an official announcement that this acquisition marks a significant expansion for Ripple, which will immediately open up a multi-trillion-dollar corporate finance market and reach many of the largest and most successful corporate clients. Looking back to early April, when Ripple acquired cryptocurrency-friendly major broker Hidden Road for $1.25 billion, it also stated that this acquisition aimed to expand the services it provides to institutional investors.
According to an investigation by the UK Financial Times, U.S. President Donald Trump and his family have earned over $1 billion in pre-tax profits from cryptocurrency businesses in the past year.
The investigation shows that the Trump family's cryptocurrency empire includes various projects such as digital trading cards, meme coins, stablecoins, tokens, and decentralized finance platforms. Among them, the TRUMP and MELANIA meme coins generated approximately $427 million in sales and trading fee revenue, while the World Liberty Financial platform earned $550 million through the sale of WLFI governance tokens, and the USD 1 stablecoin had sales of $2.71 billion.
Once dismissive of cryptocurrencies, Trump now leads his family to make a fortune in this field. Last year, as a cryptocurrency skeptic, Trump publicly criticized Bitcoin as a "scam that affects the value of the dollar," yet in less than a year, the Trump family has achieved an astonishing profit of over $1 billion in the cryptocurrency sector.
Behind this wealth transformation is Trump's shift from politician to crypto booster, as well as his family's business empire making a significant move into the digital age.
U.S. relaxes cryptocurrency tax rules: Companies holding unrealized gains may not need to pay taxes
On September 30, 2025, the U.S. IRS released Notice 2025-46 and Notice 2025-49 as mid-term guidance on CAMT. This is seen as a relaxation of the tax rules on unrealized gains from digital assets (including cryptocurrencies) under the current Corporate Alternative Minimum Tax (CAMT) system. However, this relaxation only applies to digital assets held by corporations and does not include other subjects subject to CAMT. This adjustment directly addresses the taxation issue arising from the market value accounting of paper profits, meaning that even if not realized, the book appreciation of most companies holding cryptocurrencies or other digital assets may not be taxed immediately. This article will explore the potential impacts and changes of the CAMT tax relaxation on corporate cryptocurrency tax obligations, aiming to provide tax references for a wide range of cryptocurrency investors.
The frenzy of RWA in Hong Kong: Financing or "merging forces"?
"Is our project suitable for RWA in Hong Kong?" In a café in Nanshan, Shenzhen, a few people gathered around a wooden table, with one of the company representatives opening the project book and asking seriously.
In recent months, such dialogues have been repeatedly staged in several cities in the Greater Bay Area.
RWA, Real World Assets-tokenization, refers to the tokenization of real-world assets into tradable digital asset certificates (Tokens) based on blockchain technology.
According to incomplete statistics from Yicai, in the past two years, more than 13 institutions have tested RWA, including well-known companies such as Longxin Group, Huaxia Fund, and Pacific Insurance, with underlying assets covering new energy equipment, financial products, and even agricultural products. Behind them are technical supporters like Ant Group and OSL, jointly building a new pathway of "domestic assets - Hong Kong confirmation - global circulation."
Now, more companies are intensifying their efforts to layout, and the business volume of RWA consulting intermediaries has surged. In addition to financing purposes, listed companies are more focused on the diverse value of RWA. For example, paving the way for companies to go overseas, bringing brand exposure, and even driving stock price increases.
Powell's latest speech: Increased risks of employment downturn, may end balance sheet reduction
In the early hours of Wednesday, October 15, Beijing time, Federal Reserve Chairman Powell delivered a speech at the annual meeting of the National Association for Business Economics, releasing key signals regarding the U.S. economic outlook and monetary policy direction.
In his speech, Powell elaborated on the function of the Federal Reserve's balance sheet, reviewing its role as a key policy tool during the pandemic. In light of the current economic situation, he pointed out that although the federal government shutdown has delayed the release of some official economic data, based on existing information, the U.S. labor market and inflation outlook have not changed significantly since the September monetary policy meeting. He particularly emphasized that the labor market is showing signs of "insufficient vitality and slight fatigue," with increasing downside risks.
Regarding monetary policy, Powell clearly stated that future policy adjustments will be strictly based on the latest economic data, outlook assessments, and changes in risk balance, rather than following a preset path. He explicitly indicated that the action of reducing the balance sheet (quantitative tightening) "may end in the coming months," indicating that the Federal Reserve is preparing for an upcoming policy shift.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the redemption amount of Hong Kong Bitcoin spot ETF was 97.17 units, with a total ETF holding value of approximately $440 million, a decrease of about $75 million in holding value; the subscription amount of Ethereum spot ETF was 293.81 units, with a total ETF holding value of approximately $124 million, a decrease of about $16 million in holding value.
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