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 June 23 to June 29, 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 South China Morning Post, Hong Kong Web3 organization Web3 Harbour and accounting firm PwC Hong Kong have released the "Hong Kong Web3 Blueprint." The blueprint emphasizes the decentralized characteristics of "transparency, security, and user empowerment," aiming to leverage its so-called "Web3 superpowers" through the development of "five core driving forces," including talent, market infrastructure, standards, regulation, and funding and economic contributions…
JPMorgan initiates overweight rating for ZhongAn Online, target price HKD 26
According to Jin10 data, JPMorgan has published a research report, giving ZhongAn Online (06060.HK) its first overweight rating, pointing out that the company is a leading online property insurance provider in China. It is optimistic about ZhongAn's technology-driven business model, which can sustainably increase market share, and the growth prospects of underwriting profits are attractive. It believes that even if the macro environment poses challenges, it is unlikely to affect its solvency and profitability…
CITIC Securities: Continued optimism about the development of the stablecoin industry
According to Sina Finance, CITIC Securities has released a report indicating that global stablecoin policies and industry efforts continue to thrive, and the industry ecosystem remains prosperous. The development of cryptocurrencies and stablecoins in Hong Kong will significantly promote the internationalization of the Renminbi and cross-border payments, suggesting attention to cross-border payment-related targets…
According to Ming Pao, the Hong Kong "Stablecoin Ordinance" will take effect on August 1. HKMA Chief Executive Eddie Yue stated today that Hong Kong has set relatively strict standards for stablecoin issuers, with high entry barriers, and it is expected that only a few licenses will be issued initially…
According to Hong Kong Wen Wei Po, HKMA Chief Executive Eddie Yue stated today at the 18th Annual Meeting of the Hong Kong Investment Funds Association that the "Stablecoin Ordinance" provides a comprehensive regulatory framework for issuers, ensuring that similar risks have similar regulatory rules, and that the industry develops healthily and sustainably. He mentioned that Hong Kong has set relatively strict standards for stablecoin issuers, with high entry barriers…
Eddie Yue stated that the stablecoin sandbox program launched earlier by the HKMA aims to allow the financial industry to test application scenarios and share experiences. However, he emphasized that financial institutions participating in the sandbox program are not guaranteed to obtain licenses, meaning that institutions intending to issue stablecoins…
Nano Labs plans to apply for licenses related to HKD and offshore RMB stablecoins
Web3 infrastructure company Nano Labs plans to apply for licenses related to HKD and offshore RMB stablecoins after the "Stablecoin Ordinance" takes effect in Hong Kong and will collaborate with other institutions to conduct business. Additionally, Nano Labs plans to develop a technical framework for stablecoins, focusing on blockchain networks such as Bitcoin…
According to Bloomberg, several family offices in Hong Kong, VMS Group, plan to allocate up to USD 10 million to the strategies operated by decentralized hedge fund Re7 Capital (allocation scale has not been finalized), marking the first foray into the cryptocurrency sector for this wealth management institution managing nearly USD 4 billion in assets…
According to Hong Kong News, the "Stablecoin Ordinance" will take effect on August 1, at which point the HKMA will begin accepting license applications. The HKMA has already initiated market consultation on the implementation of specific guidelines for the "Stablecoin Ordinance," aiming to establish guidelines as soon as possible…
Hong Kong listed company Yuxing Technology announced that it has sold 1,220 Ethereum on the open market from August 4, 2024, to June 23, 2025, at an average price of USD 2,814, raising a total of USD 3.4 million (approximately HKD 26.8 million, excluding transaction costs). From August 4, 2024, to January 17, 2025, the 785 Ethereum sold were exchanged for 2.4 million USDT…
Hong Kong Legislative Council member Wu Jiezhuang tweeted that the passage of the "Stablecoin Ordinance" marks further improvement of Hong Kong's regulatory framework for crypto assets, demonstrating Hong Kong's foresight in balancing financial innovation and risk control. As a regulator, the HKMA has a clear positioning for stablecoins—they are payment tools rather than investment products, and this definition helps the public rationally understand their functional boundaries…
Guotai Junan International (1788.HK) has officially been approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services and related advice. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether on its platform. Guotai Junan International thus becomes the first Hong Kong-based Chinese brokerage to offer comprehensive virtual asset trading services…
Dingpei Group plans to invest up to USD 10 million in decentralized finance hedge fund Re7 Capital
According to Hong Kong Wen Wei Po, Dingpei Group (VMS), which manages nearly USD 4 billion in assets, plans to allocate up to USD 10 million to the strategies operated by decentralized finance hedge fund Re7 Capital to invest in cryptocurrencies.
According to Caixin, China Financial Leasing announced that original shareholders Lin Shusong and Capital Venture have transferred a total of 121 million shares to an independent third party, Longling Capital (the offeror), accounting for approximately 34.96% of the company's total share capital, for a total consideration of HKD 46.08 million. This transaction triggered the offeror's obligation to make a mandatory general offer. The offeror intends to make a full offer at a cash price of HKD 0.38 per share…
The Hong Kong Securities and Futures Commission today released its "2024-25 Annual Report," stating that virtual assets and tokenization of securities have accelerated in the past year, driving Hong Kong's rapid progress towards becoming a future financial hub. In terms of innovation, the Commission recognized three tokenized money market funds that employ Jewish retail investors in the Asia-Pacific region in the first quarter of this year, marking an important step towards the scaled development of the tokenization market. As of the end of March, the total assets under management of these funds reached HKD 736 million…
IDA intends to apply for a stablecoin license in Hong Kong
According to Hong Kong Wen Wei Po, IDA co-founder and member of the Hong Kong SAR's third-generation Internet Development Task Force, Zhu Chengyu, stated that stablecoins are payment tools, and under the regulatory provisions of the Hong Kong "Stablecoin Ordinance," all stablecoins need to have legal currency as reserves. Therefore, the value of stablecoins should not deviate significantly from the value of the underlying legal currency…
Hong Kong Cyberport launches blockchain and digital asset pilot funding program
Hong Kong Cyberport announced the launch of a blockchain and digital asset pilot funding program aimed at promoting the development and testing of blockchain and Web3.0 applications, advancing the next stage of Hong Kong's Web3.0 development. The program is currently open for applications, with a deadline of August 1, 2025…
According to Securities Times, the Hong Kong Securities and Futures Commission disclosed that as of June 24, 2025, a total of 40 institutions have upgraded License No. 1, which allows existing securities trading licenses to be upgraded to provide virtual asset trading services through a comprehensive account arrangement, including 38 brokerages, 1 bank, and 1 internet company. In addition to the recently approved Guotai Junan International, there is also Tianfeng International under Tianfeng Securities…
Hong Kong government releases "Hong Kong Digital Asset Development Policy Declaration 2.0"
The Hong Kong government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," reiterating its commitment to making Hong Kong a global innovation center in the digital asset field. The new policy declaration proposes the "LEAP" framework, focusing on optimizing legal and regulatory frameworks and expanding the variety of tokenized products…
Hong Kong Legislative Council member Wu Jiezhuang tweeted that the "Hong Kong Digital Asset Development Policy Declaration 2.0" released by the Hong Kong SAR government demonstrates its strategic vision for building a leading global digital asset center. Wu Jiezhuang noted the following observations: clearly using "digital assets" (replacing "virtual assets") as terminology, aligning with international standards, emphasizing its innovative leadership as an international financial center in the digital age; the goal is very clear, which is to balance innovation and risk control, attracting high-quality institutions globally; and enhancing the efficiency of financial markets through technologies such as tokenization…
[Operators of unlicensed virtual asset businesses in Hong Kong will face fines of HKD 5 million and up to 7 years in prison, with no transition period]
The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) launched a joint consultation yesterday on the regulatory framework for virtual asset trading service providers and custodians. The document mentions that authorities plan to require operators of virtual asset services, whether small like cryptocurrency trading, withdrawals, and fiat currency exchanges, or complex like brokerage activities and large transactions, to apply for licenses from the SFC…
According to Caixin, GF Securities (Hong Kong) has issued tokenized securities with underlying assets consisting of one-year fixed-rate notes, with an annualized interest rate of 3.01% for HKD tokenized notes and a subscription threshold of HKD 800,000; the annualized interest rate for offshore RMB tokenized notes is 1.90%, with a subscription threshold of RMB 700,000. The issuer of the GF Token products is GF Global Capital Limited…
Industry Observations
As stablecoins and traditional brokerages provide channels for crypto investments ignite related concept stocks, the Hong Kong government has added fuel to the fire. On June 26, the Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," detailing the measures proposed in the first policy declaration from October 2022, focusing more on practical applications and ecosystem construction, reaffirming the government's commitment to making Hong Kong a global innovation center in the digital asset field.
As a pioneer and long-time witness in the blockchain industry, Du Jun's name has been intertwined with every key wave: from co-founding Huobi in 2013, promoting the early adoption of Bitcoin in China; to creating Jinse Finance, becoming a central node for industry information flow; and then as a founding partner of Node Capital, accurately capturing multiple cyclical opportunities. With his keen judgment on technological trends and long-term capital operations, he has written countless classic cases in the industry.
Now, he has founded Vernal, an incubator focused on the intersection of AI and Crypto, remaining active at the forefront of the industry—at the crossroads of the Bitcoin ecosystem, stablecoin changes, and the AI wave, continuously exploring technological boundaries and firmly optimistic about the rise of Chinese individuals in the global tech landscape.
In June 2025, Techub News founder Alma engaged in an in-depth dialogue with this benchmark figure who has traversed bull and bear markets. In this intellectual exchange about the future, Du Jun not only shared his deep analysis of the underlying logic of blockchain but also publicly articulated why he views BitVM as a "key leap" for the Bitcoin ecosystem, predicting that 2026 will be the "year of programmable Bitcoin." When discussing the Hong Kong stablecoin sandbox and the regulatory game with the U.S., he calmly displayed the judgment of a capital strategist.
Below is the complete dialogue that traverses cycles. In the twelve years of industry accumulation, there is both a steadfast belief in decentralization and a profound respect for technological trends and market laws—this may be the ultimate code that keeps Du Jun at the forefront of the wave.
"Morgan Stanley: Why Has China Recently Started Focusing on Stablecoins?"
On May 19, Morgan Stanley's Chief Economist for China, Xing Ziqiang, led the publication of a research report titled "Stablecoins and RMB Internationalization?" Let's take a look at how foreign brokerages view stablecoins and their impact on RMB internationalization.
In 2018, when Bitcoin's price fluctuated around USD 4,000 and most Americans still viewed cryptocurrencies as a short-term trend, Katie Haun faced off against Nobel laureate Paul Krugman in a debate in Mexico City. Krugman's focus was on Bitcoin's extreme price volatility, while Haun shifted the topic to another area: stablecoins.
She argued on stage, "Stablecoins are really interesting and very important for this ecosystem; they can hedge against this volatility." She explained how cryptocurrencies pegged to the dollar can avoid the volatility of traditional cryptocurrencies while providing the advantages of blockchain technology.
"Exclusive Dialogue with TON Foundation's New CEO Max Crown: Major Moves Expected in the U.S."
Where is the future of blockchain heading towards large-scale adoption? TON+Telegram provides the most realistic answer.
Odaily Planet Daily recently had an exclusive interview with Max Crown, the new CEO of the TON Foundation. As a veteran straddling the fields of fintech and regulatory arenas, this CEO, who just took office in April, opened up about the core blueprint for TON's challenge to large-scale Web3 applications and provided an in-depth analysis of its integration strategy and future vision with the Telegram super-ecosystem.
"Understanding the 'Hong Kong Digital Asset Development Policy Declaration 2.0' in One Article"
On June 26, 2025, the Hong Kong government released the "Digital Asset Development Policy Declaration 2.0" (referred to as "Declaration 2.0"), marking a strategic upgrade for Hong Kong in the digital asset field to further consolidate its competitiveness as a global digital financial hub. The new declaration continues to support innovation and balance regulation while focusing on enhancing the liquidity of digital asset trading and promoting a more diversified supply of digital asset products to strengthen Hong Kong's position as a global digital asset center.
The "Declaration 2.0" is framed around "LEAP," corresponding to optimizing legal and regulatory frameworks (Legal and regulatory streamlining), expanding the variety of tokenized products (Expanding the suite of tokenised products), advancing use cases and cross-sectoral collaboration (Advancing use cases and cross-sectoral collaboration), and talent and partnership development (People and partnership development), aiming to create an innovative, vibrant, sustainable, and deeply integrated digital asset ecosystem within the real economy, reinforcing Hong Kong's leading position in the global financial landscape.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to SoSoValue data statistics, last week, the subscription and redemption volume for Hong Kong Bitcoin spot ETFs was 0, with a total holding value of approximately USD 447 million, an increase of about USD 22.33 million in holding value; the subscription and redemption volume for Ethereum spot ETFs was also 0, with a total holding value of approximately USD 53.29 million, an increase of about USD 730,000 in holding value.
Event Information
2025 Focus on Hong Kong's New Policies: Hong Kong Fintech Policy and RWA Opportunities
"2025 Focus on Hong Kong's New Policies: Hong Kong Fintech Policy and RWA Opportunities" will be held on July 3 from 13:30 to 17:00 in Hong Kong. The event is hosted by Web3 Labs and Plume, with sponsors including Animoca Brands, OSL, Huaxing Capital, Metaera, Techub News, and others.
As blockchain technology accelerates its empowerment of the real economy, the global RWA (Real World Assets) sector is expected to experience explosive growth in 2025. Hong Kong, as the first international financial center in Asia to issue stablecoin licenses, is becoming a compliance hub for institutional-grade assets on-chain. This event aims to build a dialogue bridge between traditional finance and Web3 to explore innovative practices under a compliance framework, helping participants seize strategic opportunities in the trillion-dollar market.
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