Huaxing Capital applies to extend Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to digital asset business. The person in charge emphasizes embracing Web3 and increasing investments in RWA.

The Hong Kong stablecoin regulations have come into effect, and the invitation-only licensing system has been initiated. This application comes at a timely moment, as Huaxing aims to share in the pie and support Hong Kong in becoming a global digital center.

Link to Citibank's forecast of a 16 billion USD Hong Kong stablecoin market, optimistic about ZhongAn and Alibaba, Hong Kong stocks related to stablecoins saw an expanded decline in the afternoon, but this is beneficial in the long run.

I believe this is a green light from regulators, the Web3 ecosystem will explode, and I suggest paying attention to the movements of Chinese institutions, as RWA may become the next hotspot.