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 June 23 to June 29, 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.
Hot News
Hong Kong Web3 organization Web3 Harbour and PricewaterhouseCoopers released the "Hong Kong Web3 Blueprint," planning to launch five action groups in August.
According to the South China Morning Post, Hong Kong Web3 organization Web3 Harbour and accounting firm PwC Hong Kong released the "Hong Kong Web3 Blueprint." This blueprint emphasizes the decentralized features of "transparency, security, and user empowerment," aiming to leverage what it calls "Web3 superpowers" through the development of five core drivers, including talent, market infrastructure, standards, regulation, and financial and economic contributions...
JPMorgan first gave ZhongAn Online an upgrade rating with a target price of HK$26.
According to Jin Ten Data, JPMorgan released a research report, first giving ZhongAn Online (06060.HK) an upgrade rating, pointing out that the company is a leading online property insurance enterprise in China, optimistic about ZhongAn's ability to sustainably enhance market share with its technology-driven business model, and believes that even if there are challenges in the macro environment, they are unlikely to affect its solvency and profitability...
CITIC Securities: Continue to be optimistic about the development of the stablecoin industry
According to Sina Finance, CITIC Securities released a report stating that global stablecoin policies and industries continue to make strides, and the industry ecosystem continues to thrive. The development of cryptocurrencies and stablecoins in Hong Kong will significantly promote the internationalization of RMB and cross-border payments, and it is recommended to pay attention to cross-border payment-related targets...
The Hong Kong Monetary Authority: In the initial stage, only a few stablecoin licenses will be issued, and participating institutions in the stablecoin sandbox will still need to submit additional applications later.
According to Ming Pao, the "Stablecoin Regulation" in Hong Kong will take effect on August 1, and HKMA Chairman Yu Weimen stated today that Hong Kong has set relatively strict standards for stablecoin issuers, with a high entry threshold, and it is expected that only a few licenses will be issued initially...
HKMA Chairman Yu Weimen: At the initial stage of the "Stablecoin Regulation" implementation, Hong Kong may only issue a few licenses.
According to Hong Kong Wen Wei Po, HKMA Chairman Yu Weimen stated today at the Hong Kong Investment Funds Association's 18th Annual Meeting that the "Stablecoin Regulation" provides issuers with a comprehensive regulatory framework, ensuring that similar risks are subject to the same regulatory rules, and that the industry develops healthily and sustainably. He stated that Hong Kong has set relatively strict standards for stablecoin issuers, with a high entry threshold...
Yu Weimen stated that the HKMA's earlier launched stablecoin sandbox plan aims to allow the financial industry to test application scenarios and share experiences. However, he emphasized that financial institutions participating in the sandbox plan are not guaranteed to obtain a license in the end, which means that institutions intending to issue stablecoins...
Nano Labs plans to apply for licenses related to HKD and offshore RMB stablecoins.
Web3 infrastructure company Nano Labs plans to apply for HKD and offshore RMB stablecoin-related licenses after the implementation of the "Stablecoin Regulation" in Hong Kong, and to collaborate with other institutions to conduct business. In addition, Nano Labs plans to develop a technical framework for stablecoins, focusing on blockchain networks such as Bitcoin...
The Hong Kong family office VMS Group intends to allocate up to $10 million to strategies operated by the decentralized hedge fund Re7 Capital.
According to Bloomberg, several family offices in Hong Kong, including VMS Group, plan to allocate up to $10 million to strategies operated by the decentralized hedge fund Re7 Capital (the allocation scale has not yet been finalized), marking the wealth management institution that manages nearly $4 billion in assets venturing into the cryptocurrency field for the first time...
The Hong Kong Monetary Authority is launching a market consultation to implement specific guidelines for the "Stablecoin Regulation."
According to Hong Kong News, the "Stablecoin Regulation" in Hong Kong will take effect on August 1, at which point the Hong Kong Monetary Authority will begin accepting license applications. The Hong Kong Monetary Authority has already initiated a market consultation to establish specific guidelines for the implementation of the "Stablecoin Regulation," aiming to finalize the guidelines as soon as possible...
Hong Kong-listed company Yuxing Technology sold 1,220 Ethereum, and the proceeds will be used for the company's general operations.
Hong Kong-listed company Yuxing Technology announced that it sold 1,220 Ethereum on the open market between August 4, 2024, and June 23, 2025, at an average price of $2,814, obtaining a total of $3.4 million (approximately HK$26.8 million, excluding transaction costs). During the period from August 4, 2024, to January 17, 2025, the 785 Ethereum sold were exchanged for 2.4 million USDT...
Wu Jiezhuang: Suggests that Hong Kong learn from the EU's MiCA experience to address the challenges of connecting stablecoin regulation with practical application scenarios.
Hong Kong legislator Wu Jiezhuang tweeted that the passing of the "Stablecoin Regulation" marks a further improvement of Hong Kong's regulatory framework for crypto assets, demonstrating Hong Kong's foresight in balancing financial innovation and risk control. As a regulator, the HKMA's positioning of stablecoins is clear—they are payment tools rather than investment products. This definition helps the public rationally understand their functional boundaries...
Guotai Junan International has been approved by the Hong Kong Securities and Futures Commission to provide trading services for crypto and other virtual assets.
Guotai Junan International (1788.HK) has officially been approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services and related advice. Following the upgrade, customers can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like Tether on its platform. Guotai Junan International thus becomes the first Chinese-funded brokerage in Hong Kong to offer comprehensive virtual asset trading services...
VMS Group plans to invest up to $10 million in the decentralized finance hedge fund Re7 Capital
According to Hong Kong Wen Wei Po, VMS Group, which manages nearly $4 billion in assets, plans to allocate up to $10 million to the decentralized finance hedge fund Re7 Capital for investing in cryptocurrencies.
Cai Wensheng acquired China Financial Leasing at a premium and will focus on investing in the Web3 industry and digital asset financial products.
According to Financial Alliance, China Financial Leasing announced that original shareholders Lin Shusong and Capital Venture have transferred a total of 121 million shares to independent third party Longling Capital (the offeror), accounting for approximately 34.96% of the company's total share capital, with a total consideration of HK$46.08 million. This transaction triggers the offeror's obligation for a mandatory general offer. The offeror intends to propose a full offer at a cash price of HK$0.38 per share...
Hong Kong SFC (2024-25 Annual Report): The total market value of virtual asset spot ETFs has soared by 95% since their launch, with licenses issued to 11 institutions.
The Hong Kong Securities and Futures Commission today released the "2024-25 Annual Report," stating that the virtual asset and security tokenization have accelerated their development in the past year, driving Hong Kong's rapid advance towards its goal of becoming a future financial hub. In terms of innovation, the SFC recognized a tokenized money market fund employing three Jewish retail investors in the Asia-Pacific region in the first quarter of this year, marking an important step towards the large-scale development of the tokenized market. As of the end of March, the total assets under management of these funds reached HK$736 million...
IDA intends to apply for a Hong Kong stablecoin license.
According to Hong Kong Wen Wei Po, Zhu Chengyu, co-founder of Hong Kong fintech company IDA and a member of the third-generation internet development task force of the Hong Kong Special Administrative Region, stated that stablecoins are payment tools, and under the regulatory provisions of Hong Kong's stablecoin regulations, all stablecoins must have fiat currency reserves. Therefore, the value of stablecoins should not deviate significantly from the value of the underlying fiat currency...
Hong Kong Cyberport launches a pilot funding plan for blockchain and digital assets.
Hong Kong Cyberport announced the launch of a pilot funding plan for blockchain and digital assets, aimed at promoting the development and testing of blockchain and Web3.0 applications, pushing Hong Kong's Web3.0 development to the next stage. The plan is currently open for applications, with a deadline of August 1, 2025...
The Hong Kong Securities and Futures Commission: As of June 24, a total of 40 institutions have completed the upgrade to License No. 1.
According to Securities Times, the Hong Kong Securities and Futures Commission disclosed that as of June 24, 2025, a total of 40 institutions upgraded to License No. 1, upgrading their existing securities trading licenses to provide virtual asset trading services through integrated account arrangements, including 38 brokerages, 1 bank, and 1 internet company. In addition to the recently approved Guotai Junan International, Tianfeng International under Tianfeng Securities also...
The Hong Kong government issued the "Hong Kong Digital Asset Development Policy Declaration 2.0."
The Hong Kong government issued the "Hong Kong Digital Asset Development Policy Declaration 2.0," reaffirming the government's commitment to making Hong Kong a global innovation center in the digital asset field. The new policy declaration proposed the "LEAP" framework, focusing on optimizing legal and regulatory frameworks, expanding the types of tokenized products...
Wu Jiezhuang: Hong Kong has a great opportunity to become a benchmark for compliant innovation in digital assets in Asia within three to five years.
Hong Kong legislator Wu Jiezhuang tweeted that the "Hong Kong Digital Asset Development Policy Declaration 2.0" released by the Hong Kong SAR government demonstrates its strategic vision for building a globally leading digital asset center. Wu Jiezhuang made the following observations: it clearly replaces "virtual assets" with the term "digital assets" to align with international standards, emphasizing its innovative leadership as an international financial center in the digital age; the goals are very clear, which are to balance innovation and risk control, attracting high-quality global institutions; and to enhance the efficiency of financial markets through technologies such as tokenization...
Unlicensed operators of virtual asset businesses in Hong Kong will face a penalty of HK$5 million and up to 7 years in prison, with no transitional period.
The Financial Services and the Treasury Bureau and the Securities and Futures Commission held a joint consultation yesterday on the regulatory framework for virtual asset trading service providers and custodians, indicating that the document proposes that the authorities require virtual asset service providers, regardless of whether they are small virtual currency trading, withdrawals, exchanges for fiat, or complex activities such as brokerage activities and large transactions, to apply for a license from the SFC...
The subscription thresholds for the offshore RMB and HKD tokenized notes from GF Securities (Hong Kong) are HK$700,000 and HK$800,000 respectively.
According to Caixin, the underlying assets of the HKD and offshore RMB tokenized securities from GF Securities (Hong Kong) are one-year fixed-rate notes, with an annualized interest rate of 3.01% for HKD tokenized notes, with a subscription threshold of HK$800,000; the annualized interest rate for offshore RMB tokenized notes is 1.90%, with a subscription threshold of RMB 700,000. The issuer of GF Token products is GF Global Capital Limited...
Industry Observation
(Hong Kong Web3 System Upgrade: Policy 2.0 Implementation, Stablecoins and RWA Become the Focus, Over 40 Institutions Have Already Rushed Ahead)
While stablecoins and traditional brokerages offering cryptocurrency investment channels ignite related concept stocks, the Hong Kong government adds fuel to the heat. On June 26, the Hong Kong SAR government issued the "Hong Kong Digital Asset Development Policy Declaration 2.0," which detailed the measures proposed in the first policy declaration from October 2022, focusing more on practical applications and ecological construction, and reaffirmed the government's commitment to making Hong Kong a global innovation center in the digital asset field.
(Exclusive Interview with Vernal Capital Founder Du Jun: Dollar Stablecoins Will Reshape Financial Order, Bitcoin Enters the Programmable Era)
As a pioneer and long-term witness of the blockchain industry, Du Jun's name has almost been present in every critical wave: from co-founding Huobi in 2013, promoting the early popularization of Bitcoin in China; to building Jinse Finance, becoming a central node for the circulation of industry information; and then accurately capturing multiple cyclical windfalls as a founding partner of Node Capital. With his keen judgment on technological trends and long-termism in capital operations, he has written countless classic cases in the industry.
Today, he founded Vernal, an incubator focusing on cross-innovation between AI and Crypto, remaining active at the forefront of the industry—exploring the boundaries of technology at the intersection of the Bitcoin ecosystem, the changing landscape of stablecoins, and the wave of AI, while firmly believing in the rise of Chinese individuals in the global tech landscape.
On June 26, 2025, Techub News founder Alma engaged in an in-depth dialogue with this benchmark figure who has traversed bull and bear markets. In this intellectual exchange about the future, Du Jun not only shared his deep analysis of the underlying logic of blockchain but also publicly articulated for the first time why he views BitVM as a "key leap" in the Bitcoin ecosystem, predicting that 2026 will be the "year of programmable Bitcoin." When discussing the Hong Kong stablecoin sandbox and the regulatory game with the US, he calmly exhibited the reasoned judgment of a capital strategist.
Below is the complete dialogue that traverses the cycle. In the twelve years of cross-industry accumulation, there is a steadfast belief in decentralization and a profound respect for technological trends and market laws—this may be the ultimate code that allows Du Jun to remain at the forefront of the wave.
(Morgan Stanley: Why has China recently started to focus on stablecoins?)
On May 19, Morgan Stanley's chief economist for China, Xing Ziqiang, also led the publication of the research report "Stablecoins and RMB Internationalization?" Let's take a look at how foreign securities firms view stablecoins and their impact on RMB internationalization.
(Exclusive Interview with Haun Ventures Founder: The First Female Partner of a16z and Stablecoin Evangelist)
In 2018, when Bitcoin was fluctuating around $4,000, most Americans still thought cryptocurrencies were just a short-term trend. Katie Haun engaged in a debate with Nobel laureate Paul Krugman in Mexico City. Krugman's focus was on the extreme price volatility of Bitcoin, while Haun shifted the topic to another area: stablecoins.
She argued on stage: "Stablecoins are really interesting and very important for this ecosystem, as they can hedge against volatility." She explained how cryptocurrencies pegged to the dollar could provide the advantages of blockchain technology while avoiding the volatility of traditional cryptocurrencies.
(Exclusive Interview with Max Crown, the new CEO of the TON Foundation: Major Moves Possible in the US)
Where is the future of blockchain moving towards large-scale adoption? TON+Telegram has provided a reality-based answer.
Odaily Planet Daily recently had an exclusive interview with Max Crown, the newly appointed CEO of the TON Foundation. As a seasoned veteran spanning fintech and regulatory fields, the CEO, who just took office in April, opened up in this interview, sharing not only the core blueprint of TON's challenge to large-scale applications in Web3 but also a deep analysis of its integration strategy and future vision with the Telegram super ecosystem.
(Read in one article (Hong Kong Digital Asset Development Policy Declaration 2.0))
On June 26, 2025, the Hong Kong government released the "Digital Asset Development Policy Declaration 2.0" (referred to as "Declaration 2.0"), marking a strategic upgrade for Hong Kong in the digital asset field to further consolidate its competitiveness as a global digital financial hub. The new declaration continues to support innovation and balance regulation while focusing on enhancing liquidity in digital asset trading and promoting a more diversified supply of digital asset products to strengthen Hong Kong's position as a global digital asset center.
(Declaration 2.0) uses the framework of "LEAP," corresponding to optimizing legal and regulatory streamlining, expanding the suite of tokenized products, advancing use cases and cross-sectoral collaboration, and people and partnership development, aiming to create an innovative, vibrant, sustainable digital asset ecosystem deeply integrated into the real economy, enhancing Hong Kong's leading position in the global financial landscape.
Data Insights
Flow of Bitcoin & Ethereum Spot ETFs in Hong Kong
According to SoSoValue data statistics, last week, the subscription and redemption volume of Bitcoin spot ETFs in Hong Kong was 0, with a total holding value of approximately $447 million, an increase of about $22.33 million; the subscription and redemption volume of Ethereum spot ETFs was 0, with a total holding value of approximately $53.29 million, an increase of about $730,000.
Event Information
2025 Focus on Hong Kong's New Policies: Hong Kong Fintech Policy and RWA Opportunities
(2025 Focus on Hong Kong's New Policies: Hong Kong Fintech Policy and RWA Opportunities) will be held on July 3 from 13:30 to 17:00 in Hong Kong, hosted by Web3 Labs and Plume, with sponsors including Animoca Brands, OSL, Huaxing Capital, Metaera, Techub News, and others.
As blockchain technology accelerates its empowerment of the real economy, the global RWA (Real World Assets) sector is set to experience explosive growth in 2025. Hong Kong, as the first international financial center to issue stablecoin licenses in Asia, is becoming a compliant hub for institutional-grade assets on-chain. This event aims to build a dialogue bridge between traditional finance and Web3 to explore innovative practices within a compliant framework, helping participants seize strategic opportunities in the trillion-dollar market.
