Welcome to read Techub News's "Weekly Highlights of Hong Kong Web3." In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 sector from August 11 to August 17, along with the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot News
OSL HK has launched SOL trading pairs in HKD and USD
OSL HK has been approved by the Securities and Futures Commission to open trading services for Solana (SOL) to retail investors, becoming the first exchange in Hong Kong to support retail trading of SOL. FlashTrade officially opened SOL/USD and SOL/HKD trading pairs on August 11 at 23:00…
Fosun International, a Hong Kong-listed company, plans to apply for a Hong Kong stablecoin license
According to Tencent News's "Frontline," Fosun International, a Hong Kong-listed company, has formed a team to apply for a Hong Kong stablecoin license. Founder Guo Guangchang personally led a visit to Hong Kong SAR Chief Executive John Lee and Financial Secretary Paul Chan on August 6…
HashKey Exchange has opened SOL retail trading services
Hong Kong virtual asset exchange HashKey Exchange has been approved by the Securities and Futures Commission to provide retail services for Solana (SOL) as one of the first exchanges…
According to Aastock Financial News, Zircon Securities, a subsidiary of Zircon Financial Group, announced that it has received approval from the Hong Kong Securities and Futures Commission (SFC) to conduct virtual asset deposit and withdrawal services…
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have noted recent market fluctuations related to the concept of stablecoins. They urge the public to remain cautious, analyze relevant information thoroughly, and avoid making irrational investment decisions based solely on market speculation or price momentum…
According to Reuters, Citi Bank is exploring the provision of custody and payment services for stablecoins and cryptocurrency ETFs. Biswarup Chatterjee, head of Citi's Global Partnerships and Innovation division, stated that the bank's primary consideration is to provide custody services for high-quality assets supporting stablecoins…
The Hong Kong Securities and Futures Commission today issued a circular to all licensed virtual asset trading platforms, clarifying its requirements for robust custody of clients' virtual assets, laying a solid foundation for the industry to gradually adopt more advanced custody technologies under the "ASPIRe" roadmap…
Hong Kong licensed broker Mango Financial announced the launch of its digital currency strategy, introducing cryptocurrencies into its financial business. The company's board has approved the allocation of part of its own capital for digital currency assets, with the first phase focusing on Bitcoin and gradually exploring the application of blockchain innovations in its service areas…
According to Ming Pao, Ye Zhi-heng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, stated in an interview on the wireless program "Clear and Precise" that he has noticed that after the recent implementation of the "Stablecoin Ordinance," some companies claiming to apply for licenses or intending to apply for licenses have seen their stock prices rise…
Industry Insights
When an internet giant with annual revenue exceeding one trillion, rooted in physical retail and supply chains, begins to openly seek talent that can thrive in a decentralized world, the signal it sends is crystal clear: JD.com is preparing to place its pieces on the global, permissionless Web3 chessboard.
In the past month, the policy direction has rapidly reshaped almost all types of crypto assets, including stablecoins, DeFi, ETFs, LSTs, etc. The accelerated entry of traditional financial institutions and the prevalence of coin-stock companies have created a strong sense of disconnection. But aside from signaling the starting gun for "institutions," what opportunities can we find within these bills?
In this rapidly changing digital asset market, compliance has become the key to competition among global exchanges. As Hong Kong's regulatory environment gradually clarifies, a new batch of compliant exchanges like EX.IO is emerging in the market. As a co-founder of EX.IO, Wu Chen leads the team to find its unique position in a competitive environment. We are fortunate to have an in-depth conversation with Ms. Wu Chen to discuss EX.IO's growth journey, strategic planning, and how to stand out in fierce competition.
"Decoding Hong Kong's anti-money laundering blueprint: The compliance revolution of stablecoins"
When the "Stablecoin Ordinance" comes into effect on August 1, 2025, Hong Kong will officially enter a new phase in the evolution of its digital asset ecosystem. At the core of this transformation is a set of landmark anti-money laundering (AML) guidelines issued by the Hong Kong Monetary Authority (HKMA). These guidelines are not merely a checklist of procedures—they represent a deliberately designed, meticulously constructed framework aimed at shaping a new generation of licensed, transparent, and globally trusted stablecoins.
On August 9, the "Global First New Cultural Tourism Industry RWA Base Launch" co-hosted by the Greater Bay Area RWA Incubator, Pasheng Digital Technology, Hongyou (Hangzhou) Management Partnership, Zhejiang Haoyuan Technology Company, Hangzhou Jiuyi Network Technology Co., Ltd., and HARMON VENTURES, along with co-organizers such as Shenzhen Hongrui Management Consulting Company, Hong Kong University of Science and Technology, Beijing Yingke (Shenzhen) Law Firm, and Jintiancheng Law Firm, successfully concluded in Hangzhou. This conference focused on "New Financial Opportunities of RWA and Innovative Integration with Digital Cultural Tourism," not only deeply analyzed the path of RWA technology empowering the cultural tourism industry but also prominently launched the world's first new cultural tourism industry RWA base, marking a new stage for Chinese cultural tourism assets to officially enter a "verifiable, tradable, and sustainable" ecological closed loop.
Recently, Tether's latest disclosed data shows that its holdings of U.S. Treasury bonds have surpassed $120 billion, a figure that not only exceeds the holdings of sovereign nations like the UAE and Germany but also positions a stablecoin issuer as the 18th largest holder of U.S. Treasury bonds globally.
For those familiar with the crypto market, this number is astonishing; in the eyes of traditional finance, it resembles a structural "financial tectonic shift." Some believe that stablecoin issuers like Circle and Tether are absorbing more U.S. Treasury bonds than most countries, which could reshape the U.S. economy.
The Hong Kong "Stablecoin Ordinance" (hereinafter referred to as the Ordinance) officially came into effect on August 1, 2025. This ordinance establishes strict rules for the issuance and operation of stablecoins, explicitly prohibiting offers, promotions, and sales of stablecoins without a license, and does not provide a transition period.
As institutions primarily engaged in the exchange of stablecoins and fiat currencies, local cryptocurrency exchange shops in Hong Kong are the first to be affected. After the ordinance took effect, several over-the-counter trading service providers announced the suspension of stablecoin-related businesses, awaiting license applications.
In early August, a sudden political variable, like a "stranger" walking through the door, instantly changed the nature of the game. The unexpected resignation of Federal Reserve Governor Adriana Kugler and President Trump's subsequent nomination of his Economic Advisory Council Chair Stephen Miran to succeed her suddenly escalated the core contradictions in the market.
"Chinese-funded bank-backed broker RWA debut, CMB International launches Solana on-chain fund"
On August 13 (Wednesday), Solana officially announced the issuance of an on-chain fund in collaboration with CMB International, DigiFT, and OnChain. The announcement mentioned: "CMB International has completed the tokenization of its Hong Kong-Singapore mutual fund on the Solana chain, with the token code CMBMINT. This is also the world's first publicly offered fund on the Solana ecosystem."
"Korean stablecoin policy: Who really benefits?"
Hwang Se-woon, a senior researcher at the Korea Capital Market Institute and a member of the Anan Daojie Korean Won Stablecoin Task Force, emphasized that only entities meeting strict qualification standards should be allowed to issue stablecoins, and the qualifications of issuers should be granted through a licensing system.
So, who is most likely to receive government approval? Perhaps those closely connected to the government? Or those mature enterprises that have already hinted at preparing for this? No one truly knows who the final winner of this rushed policy will be, but the market seems to be betting quite actively on certain names.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to data from ichaingo, last week the subscription volume for Bitcoin spot ETFs in Hong Kong was 31.49 units, with a total holding value of approximately $512 million, an increase of about $15 million in holding value; the subscription volume for Ethereum spot ETFs was 2,595 units, with a total holding value of approximately $124 million, an increase of about $29.6 million in holding value.
Event Updates
Hong Kong Web3 Fintech Policy and RWA Opportunities
The Guangdong-Hong Kong-Macao Greater Bay Area Youth Entrepreneurship Program meeting will be held on August 19 at 15:00 in Hong Kong, organized by HKYS. The event invites CPPCC member Wu Jiezhuang and several experts to deeply interpret case studies, aiming to provide support and services for young people intending to start businesses in the Guangdong-Hong Kong-Macao Greater Bay Area through a comprehensive approach involving funding, industry, resources, and more.
Hong Kong Web3 Blueprint Practice: Launching Phase Two - Industry Working Group
The Hong Kong Web3 Blueprint meeting will be held on August 20 at 18:00 in Hong Kong, organized by Web3 Harbour. This event is a comprehensive initiative aimed at accelerating Hong Kong's development as an international financial center for Web3 by promoting innovation, attracting investment, and aligning industry goals with the policy priorities of the Hong Kong government through long-term commitments from the private sector.
Web3 x Financial Risk Control x Knowledge Graph
The Web3 x Financial Risk Control x Knowledge Graph meeting will be held on August 20 at 18:00 in Hong Kong, co-hosted by NebulaGraph and Apache Doris. This event will bring together industry leaders and technical experts to discuss how modern graph and analytical technologies are reshaping financial risk control, observability, and compliance.
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