Welcome to read Techub News's "Weekly Highlights of Hong Kong Web3." In this issue, we will summarize the significant events and developments in the Hong Kong Web3 sector from September 8 to September 14, 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
According to Tencent Finance citing insiders, a fund in Hong Kong that has received investment from state-owned enterprises is actively planning a cryptocurrency-stock linkage project. People in Hong Kong's financial circle revealed that although state-owned enterprise funds cannot directly invest in cryptocurrency-related funds…
According to the Hong Kong Economic Journal citing insiders, the Hong Kong subsidiary of the Industrial and Commercial Bank of China (Asia) has expressed its intention to apply for a stablecoin license to the Hong Kong Monetary Authority, becoming another major Chinese-funded bank to make a similar statement after Bank of China Hong Kong…
According to Wen Wei Po, Aird Financial's subsidiary Aird Securities and Futures has been approved by the Hong Kong Securities and Futures Commission to upgrade to a Type 9 regulated activity (asset management) license, becoming one of the institutions providing digital asset trading services and digital asset management, capable of managing investment funds with up to 100% digital asset holdings, further expanding the digital financial service landscape…
Zhongke Jincai becomes a council member of the Hong Kong Web3.0 Standardization Association
The Beijing Blockchain Technology Application Association announced that Zhongke Jincai has officially become a council member of the Hong Kong Web3.0 Standardization Association. Information shows that the Hong Kong Web3.0 Standardization Association serves as a platform in the Web3.0 field…
According to Ming Pao, Hong Kong law enforcement recently arrested two local men suspected of installing "mining machines" in a care home for the disabled in Cheung Sha Wan to mine virtual currency, connecting to the home's network and power system to steal electricity, resulting in additional electricity costs for the home. The two have been charged with "theft of electricity," and law enforcement found that the additional electricity costs for the home during August were approximately HKD 8,000 to 9,000…
EXIO and CITIC Trust issue Hong Kong's first convertible preferred notes RWA
According to Ming Pao, Hong Kong licensed virtual asset trading platform EXIO Limited's parent company EXIO Group announced that it has issued the first real-world asset digital token (token name: $EXCB-25, Ethereum mainnet) in Hong Kong using convertible preferred notes in collaboration with CITIC Trust's CITIC Xinhui, with this RWA taking the form of notes…
Hong Kong-listed company China San San Media released its 2025 interim report stating that the group holds a payment license issued by the Hong Kong Monetary Authority and will continue to actively expand its payment license and prepaid card business while striving to obtain other financial business licenses. It views stablecoins as a rare strategic opportunity…
Hong Kong-listed company Singularity Guofeng announced that its shareholders have packaged their shares with liquor raw material assets to serve as the underlying assets for RWA and officially launched related products on the ADG platform (a decentralized RWA issuance management platform deployed on the Binance chain)…
According to the Hong Kong Stock Exchange announcement, China Real Estate Investment stated that effective September 9, 2025, Mr. Zheng Huajiang has been appointed as the CEO of the company's subsidiary, focusing on the proposed development of real-world assets and their integration with the group's existing business…
According to Jin10 data, Yunfeng Financial (00376.HK) stated that it has received approval from the Securities and Futures Commission to upgrade its existing Type 1 (securities trading) regulated activity license to provide virtual asset trading services under a comprehensive account arrangement on the licensed platform…
According to an announcement from Hong Kong-listed Boyaa Interactive International Limited, approximately 90% of the proceeds from the previous HKD 440 million placement plan will be used to purchase Bitcoin to promote the development of Web3 business, with the remaining approximately 10% allocated for operating funds and general corporate purposes…
BNP Paribas and HSBC have joined the privacy blockchain Canton network
According to CoinDesk, BNP Paribas and HSBC have joined the Canton network, a permissioned, privacy-focused blockchain network favored by banks and large financial institutions. Previously, Goldman Sachs, Hong Kong's financial market infrastructure service company, and Moody's ratings…
CITIC Trust's subsidiary launches RWA token using convertible preferred notes on Ethereum
CITIC Trust's wholly-owned overseas platform CITIC Xinhui, in collaboration with EXIO Group, which holds a Hong Kong virtual asset license, successfully issued the first real-world digital asset RWA token EXCB-25 using convertible preferred notes…
According to a press release from the Hong Kong government, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, stated that currently only "recognized providers" can offer designated stablecoins, reminding the public that virtual asset over-the-counter trading institutions are not "recognized providers" and therefore cannot offer designated stablecoins to retail or professional investors…
According to Caixin, the Hong Kong Monetary Authority issued a consultation draft for a new module CRP-1 "Classification of Crypto Assets" in the "Banking Regulatory Policy Manual" (SPM) to the local banking industry on September 8, aiming to further clarify regulatory guidelines for the new capital regulations on cryptocurrency assets that will be implemented in early 2026 under the Basel Committee on Banking Supervision. The new regulations will classify crypto assets into two groups…
The collaboration project proposal between digital asset trading platform DigiFT, Chainlink, and UBS has been approved by Hong Kong Cyberport and the Digital Asset Pilot Funding Scheme. The specific workflow is as follows: UBS Tokenize deploys and configures tokenized product contracts…
Hong Kong-listed company Chow Sang Sang announced that it has invested in Gao Ying Securities through its wholly-owned subsidiary HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED using its own funds, and after the transaction, it indirectly holds a 15% stake in Gao Ying Securities…
Hong Kong Financial Secretary Paul Chan stated in his latest blog that Hong Kong is a leader in green and sustainable finance in Asia, but beyond quantity, it is essential to provide innovative products to meet the development needs of different countries and regions…
Industry Insights
77 stablecoin license applications: How should Hong Kong choose?
The competition for stablecoins appears to be a technological race between companies, but in essence, it is a contest of financial strength and institutional advantages between countries. The fiat currency system can be divided into three categories: base currencies (such as USD, EUR), pegged currencies (such as HKD), and sovereign currencies (such as JPY, CNY). The rise of USD stablecoins poses a challenge to all sovereign currencies, and many weaker sovereign currencies may gradually withdraw from the international market.
In this global competition, entrepreneurial spirit plays a crucial role. Historically, financial innovation has often been driven by entrepreneurs. In 1694, Scottish entrepreneur William Paterson founded the Bank of England to address the British government's financial crisis, laying the foundation for the modern monetary system. In 1983, the entrepreneurial-minded Financial Secretary Sir Philip Haddon-Cave led the implementation of the linked exchange rate system, saving Hong Kong from a currency crisis and establishing its status as an international financial center.
Today, Hong Kong is at a critical juncture in the development of stablecoins, needing to balance risk control with innovative vitality, which cannot be separated from entrepreneurial spirit. Professional managers excel at institutional execution but often tread carefully when faced with significant decisions. Hong Kong needs to combine professional regulation with entrepreneurial innovation to seize the historical opportunity for stablecoin development.
Hong Kong's only way out is to become the world's leading stablecoin market
The biggest risk currently is that Hong Kong may inadvertently slip into a "regulatory trap." This is a seemingly responsible yet ultimately fatal mindset: attempting to foresee and eliminate all risks by establishing exhaustive rules. The result, as demonstrated by Europe's MiCA legislation, is the creation of a "refined shell"—perfect in regulation but with a withered market.
Compared to Europe and Singapore, Hong Kong's unique landscape gives it a transcendent potential. The development of stablecoins in Hong Kong is not limited to local regulatory experiments. Hong Kong regulators must undergo a profound shift in thinking: from "financial regulators" to "market cultivators." The goal of regulation should not be "to avoid incidents," but "to achieve results"—to cultivate a prosperous ecosystem while safeguarding the baseline of financial security. This means that regulation itself needs to become a service (Regulation as a Service), with its core KPI (Key Performance Indicator) being the depth of market liquidity, the number of ecosystem projects, and the share of stablecoins issued in Hong Kong in global settlements, especially in RWA settlements.
Stablecoins are the infrastructure driving the digital economy, cross-border payments, and DeFi. The consequences of excessive regulation are evident: small and medium-sized enterprises and startup projects are excluded due to high barriers, leading to oligopolistic monopolies that stifle diverse innovation; stablecoins are disconnected from the DeFi ecosystem, resulting in Hong Kong being marginalized in the Web3 wave and unable to integrate into the global decentralized network; the "regulatory arbitrage" effect is highlighted, with potential projects flowing to more flexible jurisdictions like the United States, Dubai, or Abu Dhabi, leaving Hong Kong lagging in the digital finance competition.
To break this deadlock, Hong Kong can introduce tiered regulatory classification under existing regulations, stratified by scale: large-scale, publicly-oriented stablecoins (such as those issued by banks or tech giants) can be subject to appropriate strict management regarding capital adequacy, reserve disclosure, and risk areas; small-scale, experimental stablecoins can initially test the waters in a relatively relaxed "regulatory sandbox," receiving exemptions or lenient treatment. By function classification: payment-type stablecoins emphasize reliability; investment-type or experimental ones focus on disclosure and protection rather than comprehensive restrictions. A phased approach: startups begin in the sandbox and gradually enter full regulation as they scale up, avoiding a "one-size-fits-all" approach that stifles new forces.
Hong Kong Proposes Cryptocurrency Classification and Capital Rules for Banks
The Hong Kong Monetary Authority has taken new actions in the field of cryptocurrency regulation. On Monday, the Hong Kong Monetary Authority released a draft for the new module CRP - 1. According to local media reports, the draft defines "classification of crypto assets" in the "Banking Regulatory Policy Manual" (SPM) and seeks public opinion from the local banking industry. This initiative aims to align its cryptocurrency framework with international standards set by the Basel Committee on Banking Supervision, with relevant documents expected to take effect in Hong Kong in early 2026.
A major highlight of the new proposal is its compliance with international standards set by the Basel Committee on Banking Supervision. Its core purpose is to clearly define categories of crypto assets and provide banks with unambiguous capital requirement rules. According to the proposed rules, crypto assets built on permissionless blockchain networks may meet lower bank capital requirements if the issuer implements effective risk management and mitigation measures.
The new regulations provide a detailed classification of crypto assets. According to Caixin, the new rules categorize crypto assets into two main categories, each further subdivided into two subcategories: 1a, 1b, 2a, and 2b. Group 1a covers tokenized traditional assets, which are digital representations of traditional assets recorded using cryptography, distributed ledgers, or other technologies, and carry the same level of credit and market risk as traditional (non-tokenized) assets. Group 1b includes stablecoins with effective stabilization mechanisms, which can be redeemed for a predetermined amount of one or more reference assets or cash equivalent to the current market value of the reference assets, with stabilization mechanisms aimed at minimizing fluctuations in the market value of the crypto assets relative to the pegged value.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the subscription volume for Bitcoin spot ETFs in Hong Kong was 24.71 units, with a total ETF holding value of approximately $507 million, an increase of about $14 million in holding value; the subscription volume for Ethereum spot ETFs was 610.45 units, with a total ETF holding value of approximately $139 million, an increase of about $7 million in holding value.
Event Updates
Web3 x AI Symposium: The New Financial Frontier
Hosted by CFA Society Hong Kong & HKU iCube, the event will take place on September 18 in Hong Kong. This half-day exclusive symposium brings together leading institutional allocators managing billions of dollars in digital assets, AI innovators redefining research workflows, and infrastructure experts driving the practical application of stablecoins and risk-weighted asset (RWA) tokenization. Attendees will gain exclusive insights into how institutional-level digital asset allocation frameworks evolve with regulatory environments and technological innovations.
Hong Kong Stock Liquidity Global Digital Summit
Hosted by Ju Exchange, panny, and stacey, the summit will be held on September 20 in Hong Kong, themed "New Liquidity, New Ecology, New Hong Kong." It gathers global fintech leaders, regulators, investors, and RWA entrepreneurs to discuss how to reshape Hong Kong stock liquidity using blockchain and digital asset technology, promoting Hong Kong as a global financial innovation center in the Web3 era. Key topics include RWA asset digitization, Hong Kong stock liquidity mining, and compliance framework design.
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