**Organized by: Nona, TinTinLand
**
Fear and Greed Index: 47 (Greed)
Bitcoin Price: $111,971
BTC/ETH Spot ETF Fund Flow (8.28)
BTC Net Inflow: $115.18 M
ETH Net Outflow: $28.46 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (8.28)
BTC Net Inflow: 0 BTC
ETH Net Inflow: 196.2 ETH
[]( Group Chairman and CEO Xiao Feng: Bitcoin's price elasticity has structural advantages
Bitcoin Asia 2025 opened today in Hong Kong. HashKey Group Chairman and CEO Xiao Feng stated regarding ETFs and Digital Asset Treasury (DAT) that traditional ETFs rely on a three-tier intermediary system of subscription, redemption, and custody, requiring 1-2 business days to complete an asset conversion, while spot trading based on distributed ledger technology can achieve cross-asset exchange within 10 minutes. This real-time settlement capability gives this trading model the potential to become mainstream in the future, and it is also the advantage of Digital Asset Treasury (DAT) compared to traditional ETFs.
Bitcoin Asia 2025 opened today in Hong Kong. Wintermute Trading Asia Pacific Managing Director Moshe Shen spoke at a roundtable discussion titled "Bitcoin Capital Black Hole: Why Global Liquidity Flows into Bitcoin," pointing out that unlike a few years ago when the cryptocurrency market was dominated by retail investors, institutional participation has significantly increased now. Functions such as custody, trading, and risk control have achieved professional separation, which is an important sign of industry maturity. For example, macro fund managers now see Bitcoin as an emerging tool in their portfolios. The most significant change in the past 18 months has been that these traditional institutions have begun to include cryptocurrencies in their public investment portfolios.
Bitcoin Asia 2025 opened today in Hong Kong. Hut 8 Board Member and CEO Asher Genoot stated at the conference that Hut 8 plans to create differentiated advantages in two ways. First, by focusing on controlling mining costs. Asher Genoot said, "If we can become the best and most complex energy operator in the industry, then regardless of how Bitcoin prices fluctuate, we can effectively control and manage our profits and respond calmly to price volatility." Second, by building a data center infrastructure stack. Currently, Hut 8 is actively developing parks for Bitcoin, AI data centers, and other use cases.
The Web3 brand FinChain Starlink, independently incubated by Fosun Wealth Holdings, has officially launched and has signed agreements with investors for its first round of external financing, raising several million dollars. Strategic investors include the Solana Foundation, Vaulta Foundation, Sonic Labs, Animoca Brands, Unified Ventures, and Tengyun Capital.
The Hong Kong Digital Asset Listed Companies Association (HKVALA) held its founding conference yesterday in West Kowloon, Hong Kong, attended by government officials and legislative council members who delivered speeches. Jing Beifang, representing the A-share market's fintech companies, attended and served as the vice president of the association, while Nano Labs founder Kong Jianping was appointed as the honorary president of the association. The establishment of the Hong Kong Digital Asset Listed Companies Association is in response to the recent release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" and the effective "Stablecoin Regulations." The association aims to gather listed companies in the digital asset field, licensed financial institutions, blockchain technology providers, etc., to promote industry consensus, deepen government-enterprise collaboration, and strive to create a hub for stablecoin regulatory innovation practices and a strategic platform for institutional-level digital financial infrastructure.
<div class=)[Guotai Junan International (1788), a Hong Kong-listed company, announced the launch of cryptocurrency trading services. After clients open cryptocurrency accounts, they can immediately trade various cryptocurrencies, including Bitcoin, Ethereum, AVA, LINK, and SOL. Professional investor (PI) qualified clients can choose advanced investment targets, including XRP, USDT, and USDC. Additionally, clients can also use Guotai Junan Securities (Hong Kong) trading services, such as allocating idle funds not invested in the cryptocurrency market to Guotai Junan International's "Wealth Management Treasure" plan.]( etc.
<span class=)
[]( etc.
Bitcoin Asia 2025 opened today in Hong Kong. Clarence Shen, Manager of the Intermediary Institutions Department of the Hong Kong Securities and Futures Commission, spoke at a roundtable discussion titled "Hong Kong's Role in the Global Bitcoin Regulatory Landscape," pointing out that Hong Kong's virtual asset regulatory system, especially the SFC's framework, is characterized by predictability and consistency. Since it began attempting to regulate crypto assets in 2018, a comprehensive regulatory framework covering a wide range of activities has gradually been established, encompassing centralized trading platforms, brokerage, consulting, fund management, and other related businesses.
Bitcoin Asia 2025 opened today in Hong Kong. BitGo Asia Pacific Head Abel Seow responded during the roundtable discussion titled "Hong Kong's Role in the Global Bitcoin Regulatory Landscape" regarding "how to strengthen investor protection from an infrastructure level," stating that currently, different jurisdictions have varying requirements and approaches for compliance tools such as KYC (Know Your Customer), AML (Anti-Money Laundering), and the Travel Rule, with no universal solution. He emphasized that infrastructure providers must continuously invest in and optimize compliance, evolving in sync with regulatory requirements to truly build the underlying capabilities that protect investors, "If there are loopholes in the underlying compliance, all business processes will struggle to operate effectively."
Bitcoin Asia 2025 opened today in Hong Kong. Marco Lim, Independent Non-Executive Director of Boyaa Interactive, spoke at the roundtable discussion titled "Hong Kong's Role in the Global Bitcoin Regulatory Landscape," pointing out that many traditional financial companies are gradually entering the cryptocurrency field through digital asset financial strategies, and this is just the beginning. He emphasized that in the future, we will see these digital asset companies with substantial reserves leverage their financial strength more deeply, not only continuing to accumulate tokens but, more importantly, actively building ecosystems with these assets, which should be their core focus.
The Hong Kong-listed company Shun Tai Holdings (stock code: 01335) will acquire Filecoin miners and purchase several Filecoin tokens FIL, with a transaction price of $2.1 to $2.3 per unit.
The Hong Kong-listed company Shengye Holdings Group (stock code: 6069) has issued the first supply chain asset RWA tokenization project in the Asia Pacific on HashKey Chain. This RWA tokenization project has established a shelf amount equivalent to $100 million, linked to the real returns of high-quality supply chain assets across various industry sectors, including e-commerce, within the Shengye International Supply Chain Technology Platform, and has received active subscriptions from international investors. This RWA tokenization project will be issued in phases using innovative forms such as multi-currency and open stablecoin settlement, including but not limited to supply chain revenue rights tokenization and tokenized supply chain loans.
The Hong Kong-listed company Noah Holdings (stock code: 6686) has launched a $5 million private debt digital income fund, aiming to allocate funds using a risk-controlled private debt strategy while obtaining controlled and auxiliary risk exposure to the digital asset ecosystem within the scope allowed by the fund documents, to achieve diversified allocation and capability building.
<div class=)[Regulation/Macro]( Selected activities in Hong Kong for August
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for August, which will open a window to the future of Web3 for you.
<h3 dir=)[]( Selected activities in Hong Kong for August
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for August, which will open a window to the future of Web3 for you.
<h3 dir=)[]( Selected activities in Hong Kong for August
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for August, which will open a window to the future of Web3 for you.
<h3 dir=)[]( Selected activities in Hong Kong for August
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for August, which will open a window to the future of Web3 for you.
<h3 dir=)[The Supreme People's Court and the Supreme People's Procuratorate of China released typical cases of punishing the concealment and hiding of criminal proceeds, including "An certain individual and others using virtual currencies and other means to conceal and hide criminal proceeds." From September to October 2020, defendants An certain individual, Chen certain individual, and Guo certain individual conspired to profit by transferring funds for others through online platforms.](<p class=)
[](<p class=)[The U.S. SEC will hold a roundtable on the prohibition of trade-through rules at its Washington headquarters on September 18. SEC Commissioners Caroline Crenshaw, Hester Peirce, and Trading and Markets Division Director Jamie Selway will deliver opening remarks, and SEC Chairman Paul S. Atkins will speak. The meeting will feature three thematic panels discussing market participants' experiences over the past 20 years, the role of the trade-through prohibition in the current market structure, and potential future developments.
]( SEC will hold a roundtable on the prohibition of trade-through rules on September 18<p class=)
[]( SEC will hold a roundtable on the prohibition of trade-through rules on September 18<p class=)[Former central bank governor Zhou Xiaochuan warned in a closed-door meeting in mid-July that stablecoins could trigger speculative behavior, thereby undermining financial stability. Zhou pointed out that stablecoins have limited cost advantages compared to China's existing retail payment systems, and the claim that traditional cross-border payments are "extremely costly" may be exaggerated. He also stated that the regulatory frameworks in the U.S., Hong Kong, and Singapore have not sufficiently ensured that stablecoins "should be fully backed by liquid assets," emphasizing the need to be wary of their excessive use on speculative asset trading platforms, which could lead to fraud and systemic risks.
](<p class=)
[](<p class=)[The U.S. Commodity Futures Trading Commission (CFTC) announced that it will adopt Nasdaq's surveillance system to expand cryptocurrency regulation to protect the market from fraud, abuse, and manipulation.
]( Plans to adopt Nasdaq's surveillance system to expand cryptocurrency regulation<p class=)
[The Securities and Futures Commission reprimanded Deutsche Bank Aktiengesellschaft and imposed a fine of 23.8 million HKD for violating multiple regulatory provisions, including overcharging management fees to clients, incorrectly allocating product risk ratings, and failing to disclose investment banking relationships in several research reports.
]( Reprimanded and fined 23.8 million HKD for regulatory violations by the SFC<p class=)
[]( Reprimanded and fined 23.8 million HKD for regulatory violations by the SFC
Dominari Holdings, a Trump-affiliated investment company based in Trump Tower, announced the establishment of a new cryptocurrency advisory committee on Tuesday to guide its expansion into the digital asset space. The committee will provide advice for Dominari's acquisitions and collaborations in the digital asset field and will operate alongside its broader advisory committee. Founding members include former BitPay executive Sonny Singh and blockchain entrepreneur Tristan Chaudhry.
<div class=)[The decentralized verification protocol Swarm Network has completed a $13 million financing round, with part of the funds coming from a $10 million public sale of proxy licenses on the Sui network, and an additional $3 million in strategic capital from investors such as Sui, Ghaf Capital, Brinc, Y2Z, and Zerostage. This financing round will accelerate the development of its decentralized AI verification protocol.]( Swarm Network completes $13 million financing, with participation from Sui Foundation and others<p class=)
[]( Swarm Network completes $13 million financing, with participation from Sui Foundation and others<p class=)[
Stablecoin giants Circle and Paxos are testing a new cryptocurrency issuance verification technology to help verify their digital asset holdings. Circle and Paxos are collaborating with fintech startup Bluprynt, founded by Georgetown Law School professor Chris Brummer, to provide issuer verification during the physical issuance of stablecoins using cryptography and blockchain technology, allowing tokens to be traced back to verified issuers.
]( Circle and Paxos are testing new cryptocurrency issuance verification technology<div data-v-f233673d=)
[Solana's new consensus protocol Alpenglow proposal SIMD-0326 has entered the community voting phase, with the effective voting period being Epochs 840 to 842 (currently at 840, with one Epoch approximately 2 days). The voting rules state that the proposal passes if the proportion of affirmative votes reaches 2/3 of the total votes (affirmative + negative). The current approval rate is approximately 9.84%, and the opposition rate is about 0.12%. Alpenglow aims to reduce the block finalization time from 12.8 seconds to nearly 150 milliseconds.
]( Proposal SIMD-0326 enters voting phase, current approval rate approximately 9.84%<p class=)
[]( Proposal SIMD-0326 enters voting phase, current approval rate approximately 9.84%<p class=)[According to the 13F filing, Goldman Sachs leads institutional Ethereum ETF holdings with an exposure of $721 million, followed by Jane Street with $190 million and Millennium with $186 million.
]( $721 million leads institutional Ethereum ETF holdings<p class=)
[]( $721 million leads institutional Ethereum ETF holdings<p class=)[Circle has partnered with Mastercard and Finastra to embed stablecoin settlements into the mainstream financial system and promote the use of USDC among global merchants and banks.
]( Partnered with Mastercard and Finastra to expand USDC to global merchants and banks<p class=)
[The repeated operation of "burning, reissuing, and burning" has sparked strong protests from the cryptocurrency community. ZachXBT subsequently tweeted publicly accusing Crypto.com of "manipulating prices," stating, "Your team just reissued 70 billion CRO a week ago, which had previously been 'permanently burned' in 2021, accounting for 70% of the total supply."
]( CRO, ZachXBT hints at undisclosed "black history"<p class=)
[]( CRO, ZachXBT hints at undisclosed "black history"<p class=)[In the short term, the collaboration between Guotai Junan and Ant Group demonstrates significant synergistic effects of complementary financial and technological resources: Guotai Junan has gained much-needed digital capabilities to activate assets, reduce costs, and optimize its balance sheet; Ant Group has found key application scenarios and compliance endorsement for its technology.
Perspective
]( The fragile balance of the RWA experiment<p class=)
[]( The fragile balance of the RWA experiment
Among the 10 zkVMs capable of proving Ethereum blocks, 9 have chosen RISC-V as their target architecture. This market convergence sends a strong signal: Ethereum's adoption of RISC-V is not a speculative attempt but is following a market-validated standard.
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