Welcome to read Techub News' 'Hong Kong Web3 Weekly Highlights.' In this week's report, we will outline significant events and developments in Hong Kong's Web3 field from July 28 to August 3, as well as the latest data insights and detailed event previews to help you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot news.
A subsidiary of Fushi Financial submits an application to the Hong Kong Securities and Futures Commission for a virtual asset service license.
According to Zhitong Finance, Fushi Financial (02263.HK) announced that its indirect 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 a Hong Kong dollar stablecoin HKDR on Ethereum.
According to Hong Kong media Xinbao, the Hong Kong stablecoin regulation will take effect on Friday (August 1). Round Coin Technology is one of the participating institutions in the Monetary Authority's stablecoin issuer sandbox. The company's CEO Liu Yu stated in a recent interview that they intend to issue a Hong Kong dollar stablecoin HKDR on the Ethereum public chain......
Hong Kong Monetary Authority holds technical briefing on the regulatory system for stablecoin issuers.
According to Zhitong Finance, the Hong Kong Monetary Authority held a technical briefing on the regulatory system for stablecoin issuers. The technical briefing will be hosted by a senior team from the Monetary Authority, including Vice President Chen Weimin, Assistant Vice President Chen Jinghong, Assistant Vice President He Hanjie, and Digital Finance Supervisor He Hongzhe......
The Hong Kong Monetary Authority publishes guidelines for stablecoin issuers, which can submit applications on or before September 30.
According to Zhitong Finance, the Hong Kong Monetary Authority released (Guidelines for Licensed Stablecoin Issuers) and (Guidelines for Combating Money Laundering and Terrorist Financing) regarding the regulatory system for stablecoin issuers implemented from August 1, as well as the consultation summary of the two guidelines. The two sets of guidelines were published in the gazette on August 1. The Hong Kong Monetary Authority also published a (Summary of the Stablecoin Issuer Licensing System) and a (Summary of the Transitional Provisions for Existing Stablecoin Issuers) related to the licensing system and application procedures......
Hong Kong Monetary Authority Vice President Chen Weimin: The authorities may issue the first batch of stablecoin licenses as early as early next year.
According to Ming Pao, Hong Kong Monetary Authority Vice President Chen Weimin predicted that the authorities may issue the first batch of stablecoin licenses as early as early next year. When discussing the fiat currency linked to the Hong Kong version of stablecoins, Chen Weimin stated that the authorities are 'relatively open'......
Wu Jiezhuang: The Hong Kong Monetary Authority will initially only issue a few licenses to avoid the emergence of bubbles.
According to the Hong Kong Radio website, Hong Kong Election Committee member Wu Jiezhuang stated that since the local stablecoin regulation was passed, and overseas regulatory agencies announced regulatory details, the financial market has shown speculation, and many institutions have recently come to Hong Kong to inquire about licensing matters......
Hong Kong Monetary Authority: A 6-month transition period will be established after the (stablecoin regulation) takes effect.
According to the Hong Kong Radio website, the (stablecoin regulation) will take effect this Friday, and the Hong Kong Monetary Authority stated that a 6-month transition arrangement will be established to handle institutions that already have stablecoin issuance businesses in Hong Kong, including issuing temporary licenses to issuers capable of complying with regulatory requirements; if the issuer fails to meet relevant requirements within three months after the regulation takes effect, it must orderly cease operations in Hong Kong within four months after the law takes effect......
Wu Jiezhuang explained that 'Hong Kong compliant stablecoin holders must be real-name verified': The Monetary Authority will implement KYC rules, but specific plans will be submitted by stablecoin issuers.
Previously, according to Caixin reports, 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 verified. 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 yet been fully determined, and real-name verification is just one method......
Hong Kong Fintech Group Round Coin Technology has completed nearly $40 million in 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, led by existing and new investors such as Zhong An International (ZA Global), China Harbour, Bright Venture, and Hivemind Capital, among others, with other investors including Sequoia China (HSG), Eternal Digital, Junshi Investment, and Guotai Junan International Private Equity Fund......
Hong Kong Monetary Authority: Stablecoin issuers need to 'identify and prevent' customers from using VPNs.
The Hong Kong Monetary Authority publishes (Guidelines for Licensed Stablecoin Issuers). Among them, it requires licensed stablecoin issuers to 'ensure that they do not issue or offer stablecoins in jurisdictions where trading of designated stablecoins is prohibited' and 'licensees should implement control measures......
Hong Kong Financial Services and Treasury Bureau: This year will closely monitor the audit management capabilities of emerging industry projects, including virtual asset trading companies.
According to (Wen Wei Po) report, the Hong Kong Institute of Accountants and the Financial Reporting Council released (2024-25 Annual Inspection Report) and (2024-25 Annual Survey Report), showing that the proportion of audited 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......
Guotai Junan International issues the first digital native bond by a Chinese brokerage, with a maximum scale of $300 million.
According to Hong Kong Wen Wei Po, Guotai Junan International has completed the first public offering of digital native bonds issued by a Chinese brokerage, with a scale not exceeding 300 million US dollars and a term of 3 years. This issuance adopts a direct issuance structure, priced in US dollars......
Hong Kong (stablecoin regulation draft) officially takes effect.
According to CCTV News, the (stablecoin regulation draft) officially took effect on August 1 in Hong Kong. This establishes a licensing system for fiat stablecoin issuers in Hong Kong and improves the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation. After the implementation of the (stablecoin regulation), anyone issuing fiat stablecoins in Hong Kong during business operations, or issuing fiat stablecoins claiming to peg the value of the Hong Kong dollar in or outside of Hong Kong, must apply for a license from the Financial Commissioner. Relevant persons must comply with regulations related to reserve asset management and redemption......
Huaxing Capital: Applying to expand the coverage of the Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to digital asset businesses.
According to AASTOCKS, Huaxing Capital's head of self-investment Shi Ziyuan stated, 'The company will actively embrace the Web3.0 and digital asset industry, continuing to empower the Hong Kong digital industry ecosystem through investment banking services, strategic funds, direct investment expertise, and high-quality resources, and apply to expand the coverage of the Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to digital asset businesses......
Citibank report: The Hong Kong stablecoin market size is expected to be around $16 billion.
According to AASTOCKS, Citibank released a stablecoin report stating that the Hong Kong stablecoin regulation takes effect today, estimating the Hong Kong stablecoin market size to be about $16 billion (approximately HKD 125.6 billion), with upward risks. The report points 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 stablecoin market size in Hong Kong will be $16 billion......
Tencent News: CITIC Group and 50 other companies rush to Hong Kong for stablecoins.
According to Tencent News (Qianwang), over 50 companies or institutions have flocked to the Hong Kong Monetary Authority, the regulatory body for stablecoins in Hong Kong, during this period. Most of these companies are involved in cross-border trade business, including certain energy giants and state-owned enterprises such as CITIC Group......
The RWA registration platform initiated by the Hong Kong Web3.0 Standardization Association will be launched on August 7.
According to (Kechuangban Daily) news, the Hong Kong RWA registration platform will be launched on August 7, initiated by the Hong Kong Web3.0 Standardization Association, which will connect the entire service system of dataization, assetization, and financialization for RWA asset tokenization.
Industry observation.
(Exclusive interview with Paul Chan, Financial Secretary of the Hong Kong Government: How to promote Hong Kong from a 'test field' for digital assets to a global innovation hub for digital assets through the 'LEAP' framework)
In the process of accelerating global digital economy development, Hong Kong is seizing the initiative in the development of digital assets with a clear strategic layout. On June 26, the SAR government published the (Hong Kong Digital Asset Development Policy Declaration 2.0), reaffirming its vision of making Hong Kong a global innovation center in the field of digital assets. Recently, the Financial Secretary of the Hong Kong SAR Government, Paul Chan, accepted a written interview with this publication, systematically elaborating on the core essence of (Policy Declaration 2.0), detailing Hong Kong's practical path in digital asset regulation, stablecoin development, tokenization applications, and ecological construction, demonstrating a firm determination to promote Hong Kong as a global innovation center in the field of digital assets.
(Ethereum, a decade of narrative transformation)
The narrative shift of Ethereum over the past decade is not only a story about Ethereum but also a story about how technological ideals seek footholds in the real world.
(What does the issuance of 'stablecoin anti-fraud' notices by public security departments mean for the crypto industry?)
In recent months, the Sa Jie team has clearly felt the rising popularity of concepts like 'stablecoin' and 'RWA'. Various brokerages have also occasionally mentioned 'RWA concept stocks' in their published research reports, listing several major A-shares related to RWA. Some self-media are also following suit in speculation. When the Sa Jie team studied relevant legal issues, they naturally saw these research report contents, but to be honest, most of the content seems to be overly conceptualized speculation, and the phenomenon of some listed companies 'riding the wave' is rampant. A rather humorous example is that a certain A-share listed company that the Sa Jie team had focused on, whose main business is lottery printing, has now become an RWA concept stock, which is quite ridiculous... Today, the Sa Jie team will chat with you about the legal risks after the speculation of RWA and stablecoin concepts......
Data insights.
Hong Kong Bitcoin & Ethereum spot ETF inflow and outflow situation.
According to ichaingo data statistics, last week the subscription volume of the Hong Kong Bitcoin spot ETF was 1,500 units, with a total holding value of approximately $489 million, a decrease of about $820,000; the subscription and redemption volume of the Ethereum spot ETF was 0, with a total holding value of approximately $86.45 million, a decrease of about $6 million.
