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 September 15 to September 21, 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 Titanium Media, Dr. Zheng Chongyan, CEO of Cyberport, stated that with the Hong Kong stablecoin regulations coming into effect on August 1, Cyberport has gathered nearly 290 technology companies in blockchain, smart contracts, data auditing, and cybersecurity. Cyberport has launched stablecoin and digital asset pilot projects…
According to Sing Tao Daily, Sun Deji, Chairman of the Hong Kong Financial Reporting Council, stated in an interview that the Hong Kong stablecoin industry is still in its infancy. If detailed audit standards are hastily formulated now, it may be detrimental to the industry. It is expected that comprehensive stablecoin audit and accounting guidelines will be introduced in Hong Kong in 1 to 3 years…
Shanghai Baoshan Court Handles Over 90,000 FIL Tokens
The Shanghai High Court stated that the Baoshan District People's Court, in accordance with the guidelines for the disposal of virtual currency in criminal cases, successfully disposed of over 90,000 FIL tokens using a "domestic entrustment, overseas disposal, closed-loop return" method. The specific process includes: the People's Court entrusting a third-party organization to handle the involved virtual currency…
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company BitStrat Holdings Limited has spent approximately $3.86 million (about HKD 30.02 million) in the open market to increase its holdings by 33.41 Bitcoins, bringing its total holdings to approximately 43.41 Bitcoins…
[DBS Hong Kong Completes Second Phase PBM Use Case Testing for "Cyberport Dollar+"]]( data-lark-is-custom=)
According to Hong Kong Commercial Daily, DBS Hong Kong has completed the second phase testing of the "Cyberport Dollar" pilot program, which falls under the "Cyberport Dollar+" category, focusing on exploring the introduction of tokenization and programmability into digital currency applications, based on currency technology, in collaboration with Zero2 (an ESG rewards platform launched by Negawatt Utility Limited)…
The Hong Kong Securities and Futures Commission announced on September 16, 2025, that it has prohibited former head of Citi Global Markets Asia Limited, Richard Charles Heyes, from returning to the Hong Kong financial industry for the next five years. The ban is effective from September 15, 2025, to September 14, 2030…
According to the Hong Kong Economic Journal, the Hong Kong SFC plans to issue guidelines to licensed corporations to clarify the standards that should be followed when hiring financial KOLs and using digital platforms for promotion. Currently, informal verbal consultations are being held with the industry. The Hong Kong SFC is considering tightening compliance requirements for licensed institutions hiring financial KOLs…
Legislator Wu Jiezhuang expressed support for the Chief Executive's firm promotion of the Hong Kong Web3 ecosystem and real-world asset (RWA) development in the policy address, believing that such measures will help consolidate Hong Kong's position as an international financial center and enhance global competitiveness…
According to Jinshi Data, Hong Kong Chief Executive Lee Ka-chao stated that he is promoting Hong Kong to become an international gold trading market; expanding gold storage, aiming to build a regional gold reserve hub exceeding 2,000 tons in three years. This will enrich gold investment tools…
Chief Executive Lee Ka-chao: Hong Kong is Implementing a Stablecoin Issuer System
According to Jinshi Data, Chief Executive Lee Ka-chao stated in his fourth policy address that the Hong Kong Monetary Authority will promote commercial banks to launch tokenized deposits and facilitate the trading of real tokenized assets. For example, using tokenized deposits to settle tokenized money market funds, assisting the government in normalizing the issuance of tokenized bonds, and encouraging banks to strengthen risk management through regulatory sandboxes…
According to Jinshi Data, the Hong Kong SFC welcomes the measures proposed in the Chief Executive's 2025 Policy Address to support Hong Kong's continued development as a leading international financial center. The policy address's recommendations to strengthen the stock market and optimize the listing system will consolidate Hong Kong's position as a global preferred…
Hong Kong Monetary Authority Cuts Interest Rates by 25 Basis Points
According to Jinshi Data, the Hong Kong Monetary Authority has lowered the benchmark interest rate by 25 basis points to 4.50%, following a 25 basis point cut by the Federal Reserve overnight…
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Qianxun Technology announced that it has signed a non-binding memorandum of understanding for a potential acquisition, intending to acquire 100% equity in Web3 fintech company Punk Code for no more than HKD 25 million. The founding team of the latter mainly comes from Tencent…
According to Aastocks, the Hong Kong Institute of Certified Public Accountants responded to Chief Executive Lee Ka-chao's policy address, stating that Hong Kong is launching diversified measures to promote economic development, and innovative technology will become a new driving force for economic growth. As the standard setter for the accounting profession in Hong Kong, the Institute is formulating appropriate guidelines for accounting and auditing work related to virtual assets…
According to Dongwang, the Hong Kong police received a report from a 75-year-old local man, who claimed to have received a call from someone claiming to be a virtual currency investment expert, persuading the victim to invest in the virtual currency Ethereum with high returns. The victim followed the instructions and transferred virtual currency worth approximately HKD 26.2 million into six accounts from July 11 to September 9…
According to the Hong Kong Economic Journal, Zheng Yutong's grandson Zheng Zhigang has gradually resigned from multiple family business positions since last year and has now announced the establishment of ALMAD Group (Shanghai Development Holdings). This comprehensive enterprise group will focus on Web3 financial innovation, exploring investments in digital assets and real-world asset (RWA) tokenization, and researching blockchain technology and immersive digital experiences…
Industry Observation
Hong Kong Stock RWA Gold Rush: In-Depth Review of How Listed Companies "Chain Migrate"?
China New City leverages alliances and licensed platforms, focusing on the tokenization of commercial real estate. As a company primarily engaged in commercial real estate development, leasing, and hotel management, its layout in the RWA field is also aimed at revitalizing a large amount of existing assets. By the end of 2024, the company's investment property value is expected to reach approximately RMB 4.337 billion, but the company's market value has long been below its net asset book value, prompting it to seek RWA tokenization to unlock asset value.
To achieve this goal, China New City has taken a two-step approach: first, on July 30, it participated as a co-initiator in the establishment of the "Hong Kong RWA Global Industry Alliance" to promote asset tokenization, including real estate, and explore cross-border asset cooperation mechanisms with ASEAN; second, on September 15, the company signed a service agreement with Hong Kong licensed trading platform EXIO, which will provide end-to-end commercial real estate tokenization services, including legal compliance, technology development, asset issuance, and circulation. China New City is attempting to strategically study and layout RWA product issuance through cooperation with leaders in the virtual asset industry, thereby promoting the re-release of existing asset value.
On September 17, Eastern Time, Federal Reserve Chairman Jerome Powell announced a 25 basis point reduction in the target range for the federal funds rate to 4.00%–4.25%. This decision not only confirms the interest rate cut expectations that have formed since the end of last year but also strengthens the market consensus that the interest rate cut channel will remain open: the market generally predicts that there will still be two more rate cuts this year, totaling 50 basis points.
Every interest rate decision by the Federal Reserve is based on a comprehensive assessment of the U.S. job market and economic growth prospects, and its impact ripples through global capital markets. The start of this interest rate cut cycle officially announces that global investment is entering a "low-interest rate era"—whether in bank savings, government bonds, or money market funds, the yield ceiling of traditional conservative investment products is being repeatedly lowered, and investors' anxiety over "asset scarcity" is increasing day by day.
Just as the yield curve of traditional finance continues to languish, wealth management in the Web3 world with its "abnormal" high yields has entered the public eye. These wealth management products based on dollar stablecoins offer annualized returns of 5% or even as high as 20%, whether in decentralized finance (DeFi) protocols or centralized digital asset platforms. This inevitably raises questions: as assets strictly pegged to the dollar, where does their interest come from? Is this astonishingly high yield a fleeting market bubble or the rise of a disruptive wealth management model? The Bitget Wallet Research Institute will analyze layer by layer in this article, uncovering the operational logic behind its high yields and objectively assessing the opportunities and potential risks in this "new game."
Google's Major Change: AI Payments, Stablecoins Lead the Way
As artificial intelligence becomes an indispensable part of our lives and work, how will value exchange take place? Google has provided the answer: through stablecoins.
On September 16, Google announced the launch of a brand new open-source payment protocol aimed at establishing a unified standard for value transfer between different AI applications. This protocol not only supports traditional payment methods such as credit and debit cards but also incorporates stablecoins into the system for the first time.
Collaborating with crypto companies like Coinbase and the Ethereum Foundation, Google has strengthened its support for stablecoins in this protocol, attempting to address challenges such as cross-border payments, value transfer, and settlement efficiency that AI agents may encounter in widespread future applications. James Tromans, head of Google Cloud Web3, stated in an interview with Fortune: "When we built this system from scratch, we considered both traditional and existing payment channel capabilities, as well as future payment capabilities like stablecoins."
This move signifies that Google is no longer just maintaining distance from the crypto industry through indirect means such as advertising policies or cloud node hosting, but is directly incorporating stablecoins into its product architecture for the first time, exploring their real application scenarios within the AI ecosystem.
New York Regulators Urge Banks to Use Blockchain to Address Crypto Risks
New York's top financial regulatory agency has recommended that banks expand their use of blockchain analysis technology when dealing with cryptocurrencies.
In an industry letter sent on September 17 to state-chartered banks and foreign branches operating in New York, the regulatory agency noted that such tools can help institutions better manage risks associated with illicit activities, including money laundering and sanctions violations.
Adrienne Harris, head of the Financial Services Department, stated that this technology has proven effective for licensed cryptocurrency companies, and banks directly engaged in digital asset businesses or interacting with crypto activities should also consider adopting it.
The department initially issued guidance on blockchain analysis for companies holding state cryptocurrency licenses in April 2022.
On August 7, 2025, the SEC officially announced the withdrawal of its appeal against Ripple and two executives, confirming that the final judgment and relief arrangements remain valid. After nearly five years, this significant regulatory marathon has recently come to a formal conclusion. This ruling fundamentally changes Ripple's compliance path for issuing and operating XRP, while also establishing a new standard for determining the securities nature of cryptocurrencies. Meanwhile, the entire XRP ecosystem has been continuously evolving and preparing to make a significant impact in the new cycle. This article will delve into the details of the Ripple and SEC lawsuit and provide a detailed analysis of the XRP token and its vast ecosystem.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the redemption volume of Hong Kong Bitcoin spot ETFs was 66.04 tokens, with a total ETF holding value of approximately $507 million, a decrease of about $570,000 in holding value; the subscription volume for Ethereum spot ETFs was 915.29 tokens, with a total ETF holding value of approximately $143 million, an increase of about $4.05 million in holding value.
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