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 18 to August 24, 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
Hong Kong Dollar Multilateral Central Bank Digital Currency Bridge Business Launched in Xinjiang
According to the "Wen Wei Po," a Hong Kong-listed company in Xinjiang recently paid a dividend of 30 million Hong Kong dollars to its Hong Kong shareholders through the multilateral central bank digital currency bridge platform of the Industrial and Commercial Bank of China Xinjiang Branch. This is the first multilateral central bank digital currency bridge business in Xinjiang, further enriching the cross-border application scenarios of digital currency in Xinjiang…
China Merchants International Securities Officially Launches Virtual Asset Trading Services
China Merchants International Securities has officially provided virtual asset trading services. Qualified investors can participate directly in Bitcoin, Ethereum, and USDT trading through virtual asset accounts. Subsequently, within the risk control compliance management framework, China Merchants International Securities will expand the scope of virtual asset trading and upgrade its functions…
According to the "Hong Kong Economic Journal," 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 participation from SlowMist, Circle, and others. The organization is committed to promoting collaboration among regulated financial institutions…
Hong Kong-listed company Boyaa Interactive (0434.HK) has announced a more aggressive Bitcoin reserve strategy, planning to initiate external financing to accelerate Bitcoin allocation and aiming to achieve a strategic reserve target of 21,000 Bitcoins by 2027…
Hong Kong Ming Cheng Group Plans to Spend $483 Million to Purchase 4,250 Bitcoins
According to Caixin, Hong Kong Ming Cheng Group announced that it has signed a Bitcoin purchase agreement to spend $483 million to acquire 4,250 Bitcoins.
The Hong Kong Securities and Futures Commission and the Monetary Authority will jointly host the Hong Kong Fixed Income and Currency Forum 2025 on September 25. As a leading international bond issuance center in Asia and the fourth largest foreign exchange market globally, Hong Kong is actively exploring ways to consolidate and enhance its position in the fixed income and currency markets. This forum aims to provide participants in the fixed income and currency markets…
PwC: Recommends Hong Kong Accelerate the Promotion of Digital Asset-Related Strategies
According to the "Securities Times," regarding the Hong Kong government's recent release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," PwC recommends accelerating the promotion of digital asset-related strategies. The firm believes that Hong Kong has the potential to position itself as a digital-first asset and wealth management center…
Hong Kong-listed Company Tian Shi Resources Plans to Issue Tokenized Silver Digital Currency
Hong Kong-listed company Tian Shi Resources (08028.HK) will collaborate with Aird Securities and Futures to issue digital tokens backed by physical silver assets (silver tokens), promoting Hong Kong's first tokenized physical asset (RWA) project…
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Huaxing Capital (stock code: 1911) announced a strategic cooperation memorandum with YZi Labs to support the application of BNB and the BNB Chain ecosystem and establish a mutually empowering cooperative relationship. The cooperation includes: a strategic BNB special allocation led by Huaxing Capital, with the company planning to invest approximately $100 million for special allocation of BNB assets…
According to Hong Kong Radio, Hong Kong's Secretary for Financial Services and the Treasury Xu Zhengyu stated that the positioning of Hong Kong's stablecoin is clear, serving as a payment tool and another manifestation of legal currency, with no speculation opportunities, reminding the public to be cautious…
Industry Observation
"Hong Kong Cryptocurrency Ecosystem: Tear, Conflict, and Integration"
In the same Hong Kong, within the same cryptocurrency ecosystem, some feel the excitement and opportunities brought by the industry's economic upturn; others feel the fatigue and loss brought by institutional and cultural friction. Dramatic rifts are unfolding every day.
On one hand, almost all mainstream Hong Kong brokerages have ventured into cryptocurrency business. The latest statistics show that over 40 brokerages, more than 35 fund companies, and over 10 large banks and accounting firms in Hong Kong are involved in virtual asset business. For example, Hong Kong's largest tech brokerage Futu Holdings began offering virtual asset trading services for Bitcoin and Ethereum to clients as early as last August, and by the end of last year, its average daily trading volume had exceeded $35 million.
From brokerages, funds, banks, auditing to insurance, mainstream financial institutions in Hong Kong are systematically and comprehensively integrating cryptocurrencies into Hong Kong's financial system. This has made some financial practitioners who have crossed into the cryptocurrency industry feel a long-lost atmosphere of innovation and a sense of "the beauty of the industry's economic upturn."
However, on the other hand, some Crypto Natives who have joined compliant companies are experiencing a profound disillusionment—the decentralized utopia they once firmly believed in is constantly colliding with the realities of regulation, compliance, and financial logic. They want to maintain the "style" and "tone" of Crypto Natives while also wanting to share in the compliant industry's pie, which is becoming a contradiction they find hard to resolve.
"Circle and Stripe Compete to Build Chains, Is the 'AWS Moment' for Payment Infrastructure Coming?"
According to "Fortune," Stripe and Paradigm may be collaborating to develop a payment-centric blockchain, although this has not been officially confirmed, but if the news is true. Additionally, Circle also announced similar plans in its financial report. What do these movements mean?
Let’s look at the bigger picture. Currently, payment infrastructure is still highly customized, fragile, and expensive to scale. If you believe that artificial intelligence will accelerate transaction volume growth and agree with the view that "money is becoming software," then the conclusion is clear:
A payment-native chain is imperative. Existing infrastructure, whether on-chain or off-chain, cannot meet future demands. Stablecoins, tokenized deposits, and on-chain finance are gradually becoming a reality.
The key question is: which network can standardize the underlying technology, allowing operators to win through software competition?
"a16z: 6 Misunderstandings About Blockchain Privacy"
From telegraphs, telephones to the internet, new technologies always provoke 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—whether on a technical or legal level. From zero-knowledge proof systems to advanced encryption technologies, privacy protection solutions are continuously expanding. Blockchain privacy extends far beyond the financial sector; it also opens doors for applications in identity verification, gaming, artificial intelligence, and more that benefit users.
With the recent signing and enactment of stablecoin legislation in the United States, the demand for blockchain privacy is more urgent than ever. Stablecoins represent an opportunity for a billion people to participate in cryptocurrency. But to allow users to confidently use cryptocurrency for payments ranging from coffee to medical bills, they need to ensure that their on-chain activities are private. Now is not the time for myth-making, but for building.
The debate about privacy is not new, and neither are the answers: innovation, rather than myths and misunderstandings, will shape the future of privacy.
"Monero Faces 51% Hashrate Attack: Who is the Mysterious Attacker Qubic?"
In mid-August, the Monero (XMR) network suffered a 51% hashrate attack led by Sergey Ivancheglo, a former co-founder of IOTA, and the Qubic project. Qubic controlled over 50% of Monero's total hashrate, meaning it had the ability to reorganize blocks, censor transactions, and potentially implement double spending. This incident has drawn widespread attention and discussion in the cryptocurrency industry, particularly regarding whether the network security of Monero, as a privacy coin, would be threatened. In response, the cryptocurrency exchange Kraken announced a suspension of Monero deposits as a precautionary security measure, with plans to resume deposits once network security is confirmed. This week, according to Cointelegraph, the Qubic community voted to decide that the next attack target would be Dogecoin (DOGE), which has a market capitalization of over $35 billion.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week the subscription volume for Hong Kong Bitcoin spot ETFs was 9.89 units, with a total holding value of approximately $486 million, a decrease of about $26.12 million in holding value; the subscription volume for Ethereum spot ETFs was 1,265 units, with a total holding value of approximately $121 million, a decrease of about $3 million in holding value.
Event Updates
Overview of Bitcoin Asia 2025 Surrounding Events
Bitcoin Asia 2025 Makes a Strong Comeback! As the most influential Bitcoin event in Asia, this conference will be grandly held in Hong Kong from August 28 to 29, gathering the core forces of the global Bitcoin community—top enterprises, innovative projects, senior developers, institutional investors, and policymakers, creating an unprecedented flagship industry event. This event is not only a celebration of technology but also a crucial step for Bitcoin towards mainstream application!
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