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 December 22 to December 28, 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 the Hong Kong Economic Journal, Victory Securities has notified its clients that starting from December 19, it will implement "no buying" restrictions on virtual asset accounts identified by the system as coming from "Mainland China" IP addresses…
According to Bloomberg, the Hong Kong Insurance Authority has proposed new regulations aimed at guiding insurance funds into the fields of crypto assets and infrastructure. A presentation document dated December 4 indicates that the regulatory body intends to impose a 100% risk capital requirement on crypto assets…
According to Hong Kong 01, the Hong Kong police have disclosed details about a knife robbery that occurred last week at a virtual currency exchange in Sheung Wan, stating that 15 people have been arrested, with 7 of them charged with "conspiracy to commit robbery"…
The Hong Kong Securities and Futures Commission (SFC) has added "Koi" and "Globiance X/Globiance HK" to its warning list of suspicious virtual asset trading platforms. The SFC stated that both "Koi" and "Globiance X/Globiance HK" promote the operation of virtual asset trading platforms…
The Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) jointly published a consultation summary regarding the establishment of a licensing system for virtual asset trading and custody service providers…
According to Jin10 data, the People's Bank of China and eight other departments issued the "Opinions on Financial Support for Accelerating the Construction of the New Western Land-Sea Corridor." The "Opinions" propose exploring international cooperation in digital finance and support provinces (regions, municipalities) along the route to participate in multilateral central bank digital currency bridge projects…
The Hong Kong Securities and Futures Commission has added "Victory Sauce Original Liquor (VSFOLT)" and "Victory Sauce Original Liquor RWA Token" to its list of suspicious investment products, claiming that these products represent certain physical assets of liquor and shares of a Hong Kong-listed company, and investors can also share profits upon the product's maturity…
Hong Kong Legislative Council member Wu Jiezhuang tweeted that the Hong Kong SAR government's Financial Services and the Treasury Bureau is conducting legislative consultations on digital asset trading and custody services, marking further clarification of related regulatory activities and responding to market demand…
According to Caixin, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong SFC jointly announced that in addition to the plan to establish a licensing system for "virtual asset trading" and "virtual asset custody" under the Anti-Money Laundering Ordinance (AMLO), authorities also plan to add two types of licenses for "providing opinions on virtual assets" and "virtual asset management"…
Industry Observation
In the current global financial system, large cross-border transfers are still plagued by "slow arrival, high fees, and complicated processes." A startup named FIN is directly addressing this pain point by leveraging stablecoins, attempting to rewrite the status quo of the industry.
Founded by two former Citadel employees, FIN is not just dabbling on the fringes but is building a large payment track using stablecoin technology, aiming to provide instant and efficient cross-border transfer experiences for enterprises and high-net-worth individuals.
In early December 2025, FIN announced the completion of a $17 million financing round, led by Pantera Capital, with participation from Sequoia and Samsung Next. The capital recognition highlights its potential in the sector.
Scam Haven Telegram Becomes the Largest Online Black Market for Crypto
Once, online black markets were hidden in the shadows of the dark web. Now, they have moved to public platforms like Telegram, amassing historic illegal wealth.
Over a decade ago, when black markets for drugs, guns, and various contraband first emerged on the dark web, the technological complexity of cryptocurrencies and anonymous software like Tor seemed to be the key means to facilitate billions of dollars in illegal transactions.
However, by 2025, all of this seems somewhat outdated. Now, to complete tens of billions of dollars in black market crypto transactions, all it takes is a messaging app willing to provide a platform for scammers and human traffickers, the determination to recreate channels and accounts when banned, and fluency in Chinese.
According to Sina Finance on December 18, Standard Chartered Hong Kong and Ant Group announced a partnership to launch a blockchain-based multi-currency tokenized deposit service, allowing corporate clients to conduct real-time fund transfers in HKD, RMB, and USD 24/7. This service is being implemented under the Hong Kong Monetary Authority's distributed ledger technology regulatory incubator and the Ensemble project framework.
The two parties utilize Ant Group's Whale platform to achieve account tokenization, enabling around-the-clock multi-currency settlement and instant liquidity management. Mahesh Kini, Global Head of Cash Management at Standard Chartered Hong Kong, stated that this marks the commercialization of blockchain technology in cash management, effectively enhancing corporate fund efficiency.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the subscription and redemption volume of Hong Kong Bitcoin spot ETFs was 0, with a total ETF holding value of approximately $332 million, a decrease of about $4 million in holding value; the net subscription volume of Ethereum spot ETFs was 293.15, with a total ETF holding value of approximately $95.81 million, an increase of about $200,000 in holding value.
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