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 22 to September 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
The Hong Kong Securities and Futures Commission is consulting on the proposal to implement an investor identification code system for the derivatives market on the Hong Kong Stock Exchange to further enhance the integrity and sustainable development of Hong Kong's capital market. The investor identification code system applicable to the securities market has been successfully implemented since March 2023. Building on this…
CSRC Reportedly Asks Brokers to Suspend RWA Tokenization Business in Hong Kong
According to Ming Pao, the Chinese securities regulatory authority has suggested that some local brokers suspend their real-world asset (RWA) tokenization business in Hong Kong, reflecting Beijing's concerns about the overheating of the offshore digital asset market.
According to Wen Wei Po, Shizhu, chairman of the Hong Kong Economic Research Institute, stated that the "Hong Kong R&D + Hong Kong Tokenization + Global Investment" model will attract more resources through successful cases. Looking ahead, Shizhu believes that the Greater Bay Area, which gathers top technologies from China and the U.S., China's vast market, and abundant global capital…
According to Wen Wei Po, Starway Technology has officially launched its instant liquidity solution "Li Ji Da" for retail and institutional clients in Hong Kong, supported by the liquidity platform of BNY Investment Management under Bank of New York Mellon…
According to Hong Kong Wireless News, Hong Kong Security Bureau Secretary Tang Ping-keung stated that there has been an increase in fraud cases involving virtual assets. The Security Bureau has established a virtual asset intelligence task force to collaborate with virtual asset platforms to set up a "stop payment mechanism" for fraud cases. Tang added that some fraud cases previously involved bank remittances…
According to Caixin, various institutions have been required to scale back their crypto asset business in Hong Kong, including internet platforms, Chinese brokers, and Chinese banks, which have been asked to suspend all types of business related to crypto assets, including investment, trading, issuance of RWA, stablecoins, etc…
Hong Kong-based stablecoin payment company RedotPay has completed a strategic financing of $47 million at a valuation of over $1 billion. This round of financing was led by Coinbase Ventures, with participation from Galaxy Ventures and Vertex Ventures…
Hong Kong Securities and Futures Commission Warns Public About Unlicensed Trading Platform "BiyaPay"
The Hong Kong Securities and Futures Commission has warned the public to be cautious of an unlicensed trading platform called "BiyaPay." The platform claims to provide stock trading services for Hong Kong and U.S. stocks and has an office in Hong Kong, but it has never been licensed by the SFC and has never applied for any licenses…
Chow Tai Fook Co-CEO Zheng Zhiming: Will Not Involve in RWA and Stablecoins for Now
According to Wen Wei Po, Zheng Zhiming, co-CEO of Chow Tai Fook, stated that the financial industry is diversifying, and in the future, the focus will be more on the financial and logistics sectors, with other broad opportunities in the market, including private wealth and investment immigration. The group will consider and seek suitable investment opportunities…
BiyaPay: No Hong Kong License, Does Not Provide Services to Residents in Hong Kong
BiyaPay responded to the Hong Kong Securities and Futures Commission's warning by stating that the company has not yet obtained a stock trading license or cryptocurrency trading license in Hong Kong and strictly complies with the relevant laws and regulations of the Hong Kong SFC, clearly stating that BiyaPay does not provide stock and cryptocurrency services to residents in Hong Kong…
Hang Seng Bank CEO: Stablecoin Applications Still in Early Stages
According to Ming Pao, Hang Seng Bank CEO Shi Ying-yin stated at the Hong Kong Bankers Summit 2025 that stablecoins are still in the early stages of application. Wholesale and retail are two distinctly different areas, with the wholesale level being easier to develop stablecoin use cases than the retail level, which may involve…
According to The Standard, DBS Bank Hong Kong CEO Sebastian Paredes warned that the new anti-money laundering (AML) and know your customer (KYC) regulations for stablecoins in Hong Kong will significantly limit the use of stablecoins in on-chain derivatives trading…
According to an announcement from the Hong Kong Stock Exchange, Hong Kong-listed company Zhi Yun International disclosed that its wholly-owned subsidiary Zhi Yun Kuang Shi Limited has completed the opening of a Bitcoin account with a regulated virtual asset trading platform service provider in Hong Kong and has purchased over one Bitcoin through internal resources…
Hong Kong's Third Batch of Tokenized Bonds May Connect to Central Bank Digital Currency Subscription
According to Caixin, data disclosed by the Assistant President (Foreign Affairs) of the Hong Kong Monetary Authority, Xu Huaizhi, indicates that since 2019, the Hong Kong SAR government has issued approximately HKD 386 billion in RMB, HKD, EUR, and USD bonds through the "Government Sustainable Bond Program" and "Infrastructure Bond Program," with two batches of tokenized green bonds successfully issued in February 2023 and February 2024…
Hong Kong Financial Secretary Chan Mo-po published a blog post titled "Contributing to the Construction of a Financial Power." Chan pointed out that artificial intelligence and blockchain are not only innovating technological tools but also reshaping the flow of capital and the boundaries of financial services, bringing new opportunities for the development of financial markets…
According to Wen Wei Po, Cyberport's Chief Corporate Development Officer Zhu Meien revealed that over 30% of the projects at Cyberport come from the mainland, and strategic cooperation agreements have been signed with regions such as Beijing Zhongguancun, Shanghai Lingang, and Shenzhen Qianhai…
Industry Observation
Asian Twin Cities: The RWA Race Between Hong Kong and Singapore
In September 2025, the two major financial centers in Asia unveiled their respective tokenization strategies almost in the same week. The Hong Kong Monetary Authority announced the expansion of the third batch of the Ensemble sandbox to include three asset categories: green bonds, carbon credits, and private equity funds. Meanwhile, the Monetary Authority of Singapore officially allowed REITs to trade directly on-chain and opened a trading channel for retail investors with a reduced investment threshold of $10.
This simultaneous "sandbox competition" reflects the different interpretations of the future direction of real-world asset (RWA) tokenization by Hong Kong and Singapore. As the global RWA market rapidly develops, the path choices of Hong Kong and Singapore will not only affect their own positioning but also influence the flow of global capital in Asia.
Change in RWA Regulatory Direction or Systemic Risk Warning?
According to Reuters on Monday (September 22), two informed sources reported that the China Securities Regulatory Commission (CSRC) has recently issued "informal guidance" to some mainland brokers, requesting them to suspend tokenization business related to physical assets (RWA) in Hong Kong. This move is interpreted as the latest signal of Beijing's cautious attitude towards the offshore digital asset boom.
This news cannot currently be confirmed for its authenticity, but it has undoubtedly sparked widespread market attention. Assuming this news is true, we believe that what appears to be a shift in regulatory direction is, in fact, a re-evaluation of the essence of RWA business. This "informal guidance" should not be simply interpreted as a suppression of innovation, but rather as a cautious statement from regulators regarding risk management in a complex international financial environment.
Digital Renminbi International Operation Center Officially Launched in Shanghai
In a significant development, the Digital Renminbi International Operation Center has officially settled in Shanghai and commenced operations, marking a key step in the development of China's digital currency.
On September 25, a promotional conference for the Digital Renminbi International Operation Center's business platform was held in Shanghai, signifying the official launch of this highly anticipated international operation center. The center is established and managed by the Digital Currency Research Institute of the People's Bank of China and will be responsible for building and operating the cross-border and blockchain infrastructure for the digital renminbi.
In June of this year, Pan Gongsheng, the governor of the People's Bank of China, announced at the 2025 Lujiazui Forum that a Digital Renminbi International Operation Center would be established in Shanghai. After several months of preparation, this strategic initiative has finally materialized, pressing the "accelerator" for the internationalization of the digital renminbi.
Review and Impact Analysis of the UXLINK Theft Incident
In the early hours of September 23, 2025, the security company Cyvers detected suspicious transactions involving UXLINK amounting to $11.3 million. UXLINK is suspected to have been stolen. This morning, Slow Mist confirmed on platform X that UXLINK had suffered a hacker attack.
Following the hacker attack, UXLINK plummeted, trading at $0.08529 at the time of publication, a 24-hour decline of 71.9%. However, just two weeks prior, on September 10, UXLINK CEO Rolland Saf had announced plans to prepare for a candidacy in the 2032 Cameroon presidential election over a six-year period.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the subscription and redemption volume for Hong Kong Bitcoin spot ETFs was 0 units, with a total ETF holding value of approximately $474 million, a decrease of about $33 million in holding value; the subscription and redemption volume for Ethereum spot ETFs was also 0 units, with a total ETF holding value of approximately $124 million, a decrease of about $19 million in holding value.
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