Welcome to read Techub News's 'Hong Kong Web3 Weekly Highlights'. In this week's report, we will summarize significant events and developments in the Hong Kong Web3 field from July 7 to July 13, as well as the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in the Hong Kong Web3 field last week.
Hotspot Express
Hong Kong Financial Secretary Paul Chan: The goal is to issue stablecoin licenses within this year, with the number being single digits.
According to Ming Pao, Hong Kong Financial Secretary Paul Chan stated that the Monetary Authority is currently consulting the market on the implementation of regulatory guidelines, which will be announced within this month, and the specific content will involve anti-money laundering and other related requirements. He also stated that the number of stablecoin licenses granted will be single digits, hoping to receive applications after the regulations come into effect, with the goal of issuing licenses within this year...
Hong Kong Financial Secretary Paul Chan: Currently, the virtual asset trading custody services are proposed to be primarily regulated by the Securities and Futures Commission.
According to Ming Pao, the Hong Kong Financial Secretary and the Securities and Futures Commission consulted the public for two months on the licensing system for virtual asset trading and custody service providers in June. Financial Secretary Paul Chan stated that the two consultations aim to publish summaries in the first half of next year...
The Director of the Hong Kong Investment Promotion Agency: Currently, some quasi-stablecoin operators are negotiating with their financial team about settling in Hong Kong.
According to the Hong Kong Economic Journal, the Director of the Hong Kong Investment Promotion Agency, Liu Kaixuan, recently stated that some quasi-stablecoin operators are currently negotiating with their financial team about settling in Hong Kong. It is expected that shortly after the stablecoin regulations come into effect next month, relevant enterprises will land...
Guojin Securities: The company’s subsidiary, Guojin Securities Co., Ltd., is preparing to apply for virtual asset-related trading licenses.
According to Zhitong Finance, Guojin Securities stated on July 7 on the interactive platform that its subsidiary, Guojin Securities Co., Ltd., is preparing to apply for virtual asset-related trading licenses and has had multiple contacts with related institutions with rich experience in international and Hong Kong regions regarding this matter. They will actively promote specific application matters. Guojin Securities Co., Ltd. holds business licenses issued by the Hong Kong Securities and Futures Commission, including: No. 1: Securities trading...
The Hong Kong Securities and Futures Commission held the second digital asset advisory group meeting.
The Hong Kong Securities and Futures Commission held the second digital asset advisory group meeting. This meeting with licensed virtual asset trading platforms covered a wide range of topics related to market and regulatory developments in Hong Kong's digital asset field...
National Committee of the Chinese People's Political Consultative Conference member Yao Zhisheng: The biggest opportunity for Hong Kong stablecoins is to develop RMB stablecoins.
According to Ming Pao, National Committee of the Chinese People's Political Consultative Conference member Yao Zhisheng stated that stablecoins present a significant opportunity for Hong Kong's financial development. In terms of international market payment demand, the application scenarios for Hong Kong Dollar stablecoins will not be many, and the usage cannot be too large. For Hong Kong, the development of stablecoins is mainly not because the Hong Kong Dollar stablecoin itself is so important, but because Hong Kong can take the lead in the field of stablecoins regarding the internationalization of the RMB...
Eric Trump will attend the BTC Asia Summit held in Hong Kong at the end of August.
According to CoinDesk, Eric Trump, the second son of Donald Trump, confirmed that he will attend the BTC Asia Summit held in Hong Kong from August 28 to 29.
Informed sources: More than 40 companies are preparing to apply for Hong Kong stablecoin licenses, and dozens more are interested in applying.
According to Yicai, the Hong Kong (Stablecoin Ordinance) will take effect on August 1 this year, at which point the Hong Kong Monetary Authority will begin accepting license applications. Cobo Senior Vice President and Head of Payment Business Alex Zuo told reporters: 'Stablecoin licenses in Hong Kong are still quite scarce, and more than 40 companies have publicly submitted applications...'
Hang Seng Electronics: Subsidiary Heng Yun Technology is one of the first providers of virtual asset trading systems in Hong Kong.
According to Zhitong Finance, Hang Seng Electronics stated on the interactive platform that its subsidiary, Heng Yun Technology, is one of the first providers of virtual asset trading systems in Hong Kong, having helped multiple financial institutions go live in the past two years, completing secure connections with virtual asset exchanges...
Greenland Holdings: Greenland Jinchuang holds Hong Kong license No. 4 and No. 9, supporting virtual asset businesses.
Greenland Holdings stated on the interactive platform that, to date, Greenland Jinchuang holds the No. 4 and No. 9 licenses issued by the Hong Kong Securities and Futures Commission and has upgraded to support licenses related to virtual asset businesses.
Delin Holdings: Plans to tokenize asset values up to 500 million HKD, to be tokenized through the blockchain infrastructure provided by Asseto.
Delin Holdings (01709.HK) announced that the group plans to tokenize a total asset value of up to 500 million HKD, involving several rights located on Wellington Street in Central Hong Kong and three fund assets managed by the group. This project will be tokenized through the blockchain infrastructure provided by Asseto and distributed to qualified shareholders in a compliant manner...
HSBC completes the experimental testing of 'Digital Hong Kong Dollar +', with research results to be announced within the year.
According to Hong Kong Wen Wei Po, HSBC has completed the experimental testing of the Monetary Authority's 'Digital Hong Kong Dollar +' project, with research results to be announced within the year, and announced a public opinion survey targeting local citizens. HSBC stated that the technical application testing in the 'Digital Hong Kong Dollar +' project focuses on the practical situations that may be encountered when designing, implementing, and operating a digital currency ecosystem...
Hong Kong-listed company Puxing Energy subscribes to Class A preferred shares of HashKey Holdings.
Hong Kong-listed company Puxing Energy announced its subscription to Class A preferred shares of HashKey Holdings, currently holding no more than 5% of HashKey Holdings Limited's equity, becoming its shareholder.
National Financial and Development Laboratory: Consider promoting relevant RMB stablecoin innovation exploration work simultaneously in the Shanghai Free Trade Experimental Zone and Hong Kong.
Deputy Director Yang Tao of the National Financial and Development Laboratory published an article (the development model of the RMB stablecoin can be 'combined internally and externally'), which points out that stablecoins created based on the Web3.0 world have surpassed traditional offshore and onshore categories. To better achieve strategic coordination, proactive supervision, and collaborative promotion, consideration should be given to adopting a linked development model for onshore and offshore RMB stablecoins. The article suggests that related RMB stablecoin innovation exploration work can be promoted simultaneously in the Shanghai Free Trade Experimental Zone and Hong Kong...
Octopus: There are no stablecoin product development projects launched in partnership with companies like IDA and Brinc.
According to Hong Kong Wen Wei Po, an Octopus spokesperson stated that the platform has not launched stablecoin product development projects in partnership with companies like IDA, Brinc, etc. The spokesperson pointed out that the platform supports a concept accelerator program led by Brinc, aimed at exploring a new generation of Web3 customer loyalty solutions. This program is purely exploratory in nature...
Tiansheng Capital plans to apply for a Hong Kong stablecoin license.
According to Hong Kong Commercial Daily, Tiansheng Capital plans to apply for a Hong Kong stablecoin license by establishing a digital asset trading and settlement company, and plans to use its stablecoins as its digital currency for art trading and settlement, promoting art and cultural transactions in Hong Kong among various countries...
Industry Observation
(Dialogue with CZ: From Bitcoin believer to head of the world's largest exchange, I don't want to live a life of escape and concealment)
CZ is the founder of Binance and one of the most successful entrepreneurs of our time. In this interview, we delve into his life trajectory—from purchasing Bitcoin for the first time in 2013 to how he copes with fluctuations in the crypto market, as well as his outlook for the future. The interview includes his childhood experiences, career, the story of founding Binance, and the various challenges he faces in the crypto industry.
(Hong Kong warns of the risk of 'overheating' in stablecoins)
'Stablecoins are not tools or means for making money and speculation. I hope the market returns to the original intention of launching stablecoins in Hong Kong, which is to use this financial tool to help the real economy and improve capital circulation efficiency.'
After a series of favorable policies regarding the development of stablecoins and other digital assets were announced, as market enthusiasm continues to surge, several relevant regulatory departments in the Hong Kong Special Administrative Region have recently frequently expressed the above views, emphasizing that the issuance and application of stablecoins are still in the exploratory stage, with high entry thresholds and involving multiple layers of institutional construction or connection, thus requiring cautious advancement.
(Reporter's field investigation: The use of stablecoin payments in Yiwu is far from widespread, and rumors exaggerate the actual usage scale)
The popularity of stablecoins remains high, with attention gradually shifting to practical application scenarios. Recently, market news has emerged that Yiwu already has cases of accepting stablecoin payments for foreign trade goods, making it a focal point of attention once again.
Huatai Securities research report shows, 'In Yiwu, the world small commodity center, stablecoins have become an important tool for cross-border payments. Blockchain analysis company Chainalysis estimates that the on-chain stablecoin flow in the Yiwu market will exceed 10 billion US dollars in 2023.' Some people have posted online claiming, 'Yiwu already has over 3,000 merchants using USDT and other stablecoins for payments, with monthly transactions exceeding 1 billion dollars, saving nearly 10 million RMB in handling fees!'
So, what is the real situation regarding the use of stablecoins in Yiwu?
To explore further, reporters from the 21st Century Business Herald conducted field visits and research on the use of stablecoins in Yiwu.
(Dialogue with FTX Chinese creditors: Hundreds of millions in claims may be forfeited, how to save oneself?)
In this episode of the podcast, Will, a major creditor in the FTX China region, detailed his personal experience in the FTX incident, the process of asset loss, and the potential impact of FTX's motion for 'restricted jurisdictions' on Chinese creditors. Will pointed out that this motion could prevent creditors from 49 countries, including China, from obtaining compensation, with the core issue being that the legal opinion issued by the lawyers hired by FTX might lack objectivity, resulting in the deprivation of Chinese creditors' rights. Will has contacted lawyers and initiated actions against the motion, while also calling for more creditors to write to the judge to express their objections. The interview also covered Will's review of asset allocation decisions before and after the FTX collapse, the legal strategies for rights protection actions, and the systemic injustices behind the motion.
Data Insights
Hong Kong Bitcoin & Ethereum spot ETF inflow and outflow situation.
According to ichaingo data statistics, last week, the subscription and redemption volume of Hong Kong Bitcoin spot ETFs was 0, with a total holding value of about 488 million USD, and the holding value increased by about 36.65 million USD; the net subscription and redemption volume of Ethereum spot ETFs was 0, with a total holding value of about 64 million USD, and the holding value increased by about 9 million USD.
Event Information
TradFi x Crypto Monitoring
TradFi x Crypto Monitoring closed-door meeting will be held on July 15 at 15:30 in Hong Kong, organized by Solidus Labs. The event invites experts to delve into case studies, share insights on internet financial crime, and discuss strategies to protect the integrity of the spot, derivatives, and other markets.
