Welcome to Techub News's "Hong Kong Web3 Weekly Highlights." In this weekly report, we will sort out the major events and developments in the Hong Kong Web3 field from August 18 to August 24 for you, as well as the latest data insights and detailed event previews to help you quickly and comprehensively understand the progress of the Hong Kong Web3 field last week.
Hot Spot Express
The first HKD multi-central bank digital currency bridge business landed in Xinjiang
According to (Wen Wei Po) reports, a Hong Kong-listed company in Xinjiang recently used the multi-central bank digital currency bridge platform of the Xinjiang Branch of the Industrial and Commercial Bank of China to pay 30 million Hong Kong dollars in dividends from the company's account to Hong Kong shareholders. This is the first Hong Kong dollar multi-central bank digital currency bridge business landed in Xinjiang, which further enriches the application scenarios of Xinjiang's digital currency cross-border...
China Merchants Securities International officially launches virtual asset trading services
China Merchants Securities International has officially provided virtual asset trading services. Qualified investors can directly participate in Bitcoin, Ethereum and USDT transactions through virtual asset accounts. Subsequently, within the framework of risk control and compliance management, China Merchants Securities International will expand the scope of virtual asset trading and functional upgrades...
Hong Kong establishes a professional committee on anti-money laundering for digital assets, with participation from Yuancoin Innovation Technology and others
According to (Hong Kong Economic Journal) reports, the non-profit organization Hong Kong Digital Asset Anti-Money Laundering Professional Committee (DAAMC) announced its establishment with the support of the Hong Kong Virtual Asset Industry Association, with the participation of SlowMist, Yuancoin, etc. The organization is committed to promoting cooperation among regulated financial institutions...
Boyaa Interactive plans to launch external financing to accelerate Bitcoin allocation and plans to hold 21,000 Bitcoins by 2027
Research report of Hong Kong-listed company Boyaa Interactive (0434.HK) pointed out that the company has announced a more aggressive Bitcoin reserve strategic plan, planning to launch external financing to accelerate Bitcoin allocation, and plans to achieve a strategic reserve target of 21,000 Bitcoins by 2027...
Hong Kong Ming Cheng Group plans to spend US$483 million to purchase 4,250 Bitcoins
According to Cailian Press, Hong Kong Ming Cheng Group has announced that it has signed a Bitcoin purchase agreement and will spend US$483 million to purchase 4,250 Bitcoins.
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will jointly host the Hong Kong Fixed Income and Currency Forum on September 25
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) will jointly host the Hong Kong Fixed Income and Currency Forum 2025 on September 25. As Asia's leading international bond issuance center and the world's fourth-largest foreign exchange market, Hong Kong is actively exploring ways to consolidate and enhance its position in the fixed income and currency markets. This forum aims to bring together participants in the fixed income and currency markets...
PricewaterhouseCoopers: It is recommended that Hong Kong accelerate the promotion of digital asset-related strategies
According to (Securities Times) reports, PricewaterhouseCoopers recommends accelerating the promotion of digital asset-related strategies for the (Hong Kong Digital Asset Development Policy Declaration 2.0) recently issued by the Hong Kong government. The bank believes that Hong Kong has the potential to be positioned as a digital-first asset and wealth management center...
Hong Kong-listed company Top Standard Resources plans to issue tokenized silver digital currency
Hong Kong-listed company Top Standard Resources (08028.HK) will cooperate with AD Securities Futures to issue digital tokens (silver tokens) supported by physical silver assets to promote Hong Kong's first silver tokenized physical asset (RWA) project...
Hong Kong-listed company China Renaissance signed a strategic cooperation memorandum with YZi Labs and will invest approximately US$100 million to allocate BNB assets
According to the announcement of the Hong Kong Stock Exchange, Hong Kong-listed company China Renaissance (stock code: 1911) announced that it has signed a strategic cooperation memorandum with YZi Labs to support the application of the BNB and BNB Chain ecosystems and establish a mutually empowering cooperative relationship. Cooperation includes: Strategic BNB Special Allocation led by China Renaissance: The company will invest approximately US$100 million for the special allocation of BNB assets...
Hong Kong Secretary for Financial Services and the Treasury, Christopher Hui: Hong Kong's stablecoin positioning is clear, and there is no opportunity for speculation
According to Hong Kong Radio, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui said that Hong Kong's stablecoin positioning is clear, as a delivery tool, is another manifestation of legal tender, there is no opportunity for speculation, reminding the public to be careful...
Industry Observation
(Hong Kong Currency Circle Illustrated: Division, Confrontation and Integration)
The same Hong Kong, the same cryptocurrency ecosystem, some people feel the excitement and opportunities brought about by the industry's economic upward trend; others feel the fatigue and loss brought about by the friction between the system and culture. Dramatic divisions are staged every day.
On the one hand, almost all mainstream Hong Kong securities firms have ventured into the cryptocurrency business. The latest statistics show that more than 40 securities firms, more than 35 fund companies, and more than 10 large banks and large accounting firms in Hong Kong have ventured into virtual asset business. For example, Futu Niuniu, Hong Kong's largest technology securities firm, has been providing customers with virtual asset trading services such as Bitcoin and Ethereum as early as August last year, and by the end of last year, its average daily trading volume had exceeded US$35 million.
From securities firms, funds, banks, auditing to insurance, mainstream financial institutions in Hong Kong are systematically and comprehensively incorporating cryptocurrencies into the Hong Kong financial system. This makes some financial practitioners who have crossed the border into the cryptocurrency industry feel the long-lost innovative atmosphere and a kind of "beauty of industry economic upward movement."
However, on the other hand, some Crypto Native (cryptocurrency natives) who have joined compliant companies are experiencing a deep disillusionment - the decentralized utopia that they once firmly believed in is constantly colliding with the reality of regulation, compliance and financial logic. They want to maintain the "style" and "tone" of Crypto Native while also getting a share of the compliant industry, which is becoming a difficult contradiction to resolve.
(Circle and Stripe compete to create chains, is the "AWS moment" of payment infrastructure here?)
According to (Fortune) reports, Stripe and Paradigm may be working together to develop a payment-centric blockchain, although it has not been officially confirmed, but assuming the news is true. In addition, Circle also announced a similar plan in its financial report. What do these trends mean?
Let's take a look at the big picture. Current payment infrastructure remains highly customized, fragile, and expensive to scale. If you believe that artificial intelligence will accelerate the growth of transaction volume, and agree with the view that "money is being softwareized", then the conclusion is obvious:
Payment-native chains are imperative. Existing infrastructure, whether on-chain or off-chain, cannot meet future demand. Stablecoins, tokenized deposits, and on-chain finance are gradually becoming a reality.
The key question is: which network can standardize the underlying technology and allow operators to win in software competition?
(a16z: 6 Misconceptions About Blockchain Privacy)
From telegrams, telephones to the Internet, new technologies always raise concerns about the imminent demise of privacy. Blockchain is no exception, and privacy on the blockchain is often misunderstood as creating dangerous transparency or a haven for crime.
But the real challenge is not choosing between privacy and security, but building tools that can support both - both technically and legally. From zero-knowledge proof systems to advanced encryption technologies, privacy-preserving solutions are constantly expanding. Blockchain privacy goes far beyond the financial sector, it also opens the door to identity verification, gaming, artificial intelligence, and many more user-benefiting applications.
With the recent signing and entry into force of US stablecoin legislation, the demand for blockchain privacy is more urgent than ever. Stablecoins represent an opportunity for a billion people to participate in cryptocurrency. But in order for users to feel comfortable using cryptocurrency to pay for everything from coffee to medical bills, they need to ensure that their on-chain activities are private. Now is not the time to create myths, but to build.
The debate over privacy is not new, and neither is the answer: innovation, not myths and misunderstandings, will shape the future of privacy.
(Monero Suffers 51% Hash Rate Attack: Who is the Mysterious Attacker Qubic?)
In mid-August, the Monero (XMR) network suffered a 51% hash rate attack from the Qubic project led by former IOTA co-founder Sergey Ivancheglo. Qubic controls more than 50% of Monero's total computing power, meaning it has the ability to reorganize blocks, censor transactions, and potentially implement double payments. This event has caused widespread concern and discussion in the crypto industry, especially whether the network security of Monero as a privacy coin will be threatened. In response, the crypto exchange Kraken announced that it would suspend Monero deposits for security precautions, and will resume deposit functions after confirming network security. This week, according to Cointelegraph, the Qubic community has voted to target Dogecoin (DOGE), which has a market capitalization of over US$35 billion, for its next attack.
Data Insight
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, the subscription volume of Hong Kong Bitcoin spot ETFs last week was 9.89, and the total holding value of ETFs was approximately US$486 million, a decrease of approximately US$26.12 million in holding value; the subscription volume of Ethereum spot ETFs was 1,265, and the total holding value was approximately US$121 million, a decrease of approximately US$3 million in holding value.
Event Roundup
A list of Bitcoin Asia 2025 side events
Bitcoin Asia 2025 Returns Strong! As the most influential Bitcoin event in Asia, this conference will be grandly held in Hong Kong from August 28th to 29th, bringing together the core forces of the global Bitcoin community - top companies, innovative projects, senior developers, institutional investors and policymakers, to create an unprecedented industry flagship event. This event is not only a technical carnival, but also a key step for Bitcoin to move towards mainstream applications!
