Hong Kong Web3 Daily Must-Read: In October, the US SEC will approve 16 cryptocurrency ETFs, and approximately $272 million was liquidated across the network in 12 hours.
Fear and Greed Index: 43 (Neutral)
Bitcoin Price: $114,722
BTC/ETH Spot ETF Fund Flow (9.29)
BTC Net Inflow: $564.56 M
ETH Net Inflow: $392.76 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (9.29)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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The Hong Kong Securities and Futures Commission released a financial review report for the securities industry. The report indicates that the Hong Kong securities industry has maintained stable growth this year, with net profits increasing by 14% to HKD 28.9 billion amid record trading volume. The total commission income reported from virtual asset trading for the first half of 2025 was HKD 127.9 million, an increase of HKD 500,000 compared to the second half of 2024. The total net commission income and interest income from securities trading, futures and options trading, leveraged forex trading, and virtual asset trading increased by 4% from HKD 34 billion in the second half of 2024 to HKD 35.4 billion.
]( Total commission income from virtual asset trading reported in the first half of the year was HKD 127.9 million
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The concept of stablecoins in Hong Kong was active in the morning session, with Huajian Medical (01931.HK) rising over 3%, and stocks like Delin Holdings (01709.HK), Jinyong Investment (01328.HK), and Standard Chartered Group (02888.HK) also following suit.
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[]( Evergreen Wealth acquires 2,200 Bitcoin mining machines and plans to acquire an additional 2,995 machines from Bitmain
Hong Kong-listed company Delin Holdings announced a formal agreement with Evergreen Wealth Investment Limited (the seller, controlled by Chiu Chang-Wei) to acquire 2,200 Bitcoin mining machines for a total price of USD 21.8526 million (approximately HKD 170 million). Additionally, the company has signed letters of intent with Bitmain Technologies for BM1 and BM2 regarding the proposed acquisition of BM mining machines (including 1,900 BM mining machines 1 and 1,095 BM mining machines 2), with total BM prices of USD 8.3491 million (approximately HKD 65.1228 million) and USD 10.8766 million (approximately HKD 84.83775 million), respectively.
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Stablecoins in Hong Kong are similarly positioned. The Stablecoin Issuer Sandbox in Hong Kong officially launched on March 12, 2024, and has been operating for about a year and a half. After the stablecoin licensing regulations took effect in Hong Kong, the Monetary Authority received 77 applications for stablecoin licenses in August. Insiders predict that the first batch of stablecoin licenses will be issued by the end of this year or early next year.
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[DAT
]( Selected activities in Hong Kong for September
We have specially compiled noteworthy activities in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected activities in Hong Kong for September
We have specially compiled noteworthy activities in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected activities in Hong Kong for September
We have specially compiled noteworthy activities in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
For some time, there has been a misconception in the market that as long as Bitcoin is held by a listed company rather than a private wallet, it becomes more valuable. This persistent premium is not based on any logical reason but rather because enough people believe it should exist.
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]( The rise and fall of the model
For some time, there has been a misconception in the market that as long as Bitcoin is held by a listed company rather than a private wallet, it becomes more valuable. This persistent premium is not based on any logical reason but rather because enough people believe it should exist.
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[]( The rise and fall of the model
For some time, there has been a misconception in the market that as long as Bitcoin is held by a listed company rather than a private wallet, it becomes more valuable. This persistent premium is not based on any logical reason but rather because enough people believe it should exist.
<h3 dir=)[To combat money laundering and financial crime, Turkey is preparing to grant its financial crime regulatory agency MASAK broader powers to freeze bank accounts and cryptocurrency accounts and restrict access. These proposed measures align with the anti-money laundering standards set by the Financial Action Task Force (FATF) and are expected to be implemented through a bill submitted to parliament.
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[](<p class=)[According to Bloomberg ETF analyst James Seyffart's compiled approval schedule, 16 cryptocurrency ETFs will be pending approval from the U.S. SEC in October, including Canary's Litecoin ETF (deadline October 2), Grayscale's Solana and Litecoin trust conversion applications (deadline October 10), WisdomTree's XRP fund (deadline October 24), and others.
]( ETF analyst: 16 cryptocurrency ETFs pending approval from the U.S. SEC in October<p class=)
[]( ETF analyst: 16 cryptocurrency ETFs pending approval from the U.S. SEC in October<p class=)[U.S. SEC Chairman Paul S. Atkins commented in a Financial Times article that he would consider replacing the current requirement for listed companies to submit quarterly performance reports with semi-annual reports. "The government should provide the minimum effective regulatory strength needed to protect investors while allowing businesses to thrive."
]( SEC Chairman: Considering replacing the current requirement for listed companies to submit quarterly performance reports with semi-annual reports<p class=)
[]( The main suspect in the 60,000 Bitcoin money laundering case, Qian Zhimin, will stand trial today at the Southwark Crown Court in London. This case will become a landmark case for Sino-British judicial cooperation, cross-border asset recovery, and the disposal of cryptocurrency assets, with Chinese police officers testifying in London and several Chinese victims testifying remotely from a court in Tianjin, China. The trial is expected to last 12 weeks and conclude before Christmas.
]( The 60,000 Bitcoin money laundering case will be heard today, with Chinese victims testifying remotely<p class=)
[]( Supportive of cryptocurrency, New York City Mayor Eric Adams announced a suspension of his re-election campaign. He tweeted, "The media's ongoing speculation about my future, combined with the campaign finance committee's decision to withhold millions of dollars, has severely undermined my ability to raise campaign funds. Whether inside or outside City Hall, I will continue to fight for this city because I am a New Yorker."
]( Eric Adams announced a suspension of his re-election campaign<p class=)
[Project/Company Dynamics]( Eric Adams announced a suspension of his re-election campaign<p=)
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UK fintech company Revolut is considering a dual listing in London and New York, with a valuation of USD 75 billion. If this plan is implemented, Revolut will become the first company to list in New York while simultaneously entering the FTSE 100 index.
]( Considering a dual listing in London and New York<div class=)
[]( B increases its holdings by 12 Bitcoins for EUR 1.2 million, raising total holdings to 2,812 Bitcoins
European listed company Capital B (formerly The Blockchain Group) announced an increase of 12 Bitcoins for EUR 1.2 million, raising total holdings to 2,812 Bitcoins, with a year-to-date BTC return of 1,656.1%.
Solana ecosystem stablecoin infrastructure protocol Perena tweeted that some users experienced application (desktop + Seeker) crashes, while the iOS system is running normally. The team is currently working to resolve this issue as soon as possible, ensuring user fund safety.
Qatar National Bank (QNB Group) has switched to JPMorgan's blockchain platform Kinexys to handle USD corporate payment transactions processed by its branches. The two companies stated in a statement released on Monday that by adopting JPMorgan's Kinexys digital payment system, QNB can now process USD payments for its corporate clients in Qatar around the clock, taking only a few minutes.
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]( Network: Due to the unlocking and selling of tokens by a third-party market maker, a token replacement and buyback plan will be implemented
The DePIN project Multiple Network tweeted that due to the unlocking and selling of tokens by a third-party market maker, the original MTP token supply was contaminated, compromising token security. To protect community interests and ensure system stability, the team will implement a comprehensive token replacement and systematic buyback measures. On September 29 at 10 AM Hong Kong time, all exchanges will suspend MTP deposits/withdrawals/trading and take snapshots. New MTP tokens will be automatically issued at a 1:1 ratio (applicable to both exchange users and on-chain users).
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[In-Depth & Outlook]( Network: Due to the unlocking and selling of tokens by a third-party market maker, a token replacement and buyback plan will be implemented
The DePIN project Multiple Network tweeted that the original MTP token supply was contaminated due to the unlocking and selling of tokens by a third-party market maker, compromising token security. To protect community interests and ensure system stability, the team will implement a comprehensive token replacement and systematic buyback measures. On September 29 at 10 AM Hong Kong time, all exchanges will suspend MTP deposits/withdrawals/trading and take snapshots. New MTP tokens will be automatically issued at a 1:1 ratio (applicable to both exchange users and on-chain users).
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[Mainland China may explore limited openness based on CBDC (Central Bank Digital Currency), while Hong Kong may further expand licensing, but the "red lines" for Chinese institutions will not loosen. This year's policy evolution and cases remind enterprises that digital assets are not a shortcut but a long-term game that needs to be embedded in a compliance framework. Ultimately, the wisdom of regulation lies in guiding rather than stifling, allowing the Chinese-speaking world to have a place in the global Web3 landscape.
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Perspective
]( The underlying logic of the $4 trillion stablecoin market
We believe that the future ecosystem will allow stablecoins, tokenized deposits, deposit tokens, and central bank digital currencies (CBDCs) to coexist and thrive together. Different forms of currency will find their own "product-market fit" due to differences in trust, interoperability, and regulatory clarity.
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[]( The underlying logic of the $4 trillion stablecoin market
We believe that the future ecosystem will allow stablecoins, tokenized deposits, deposit tokens, and central bank digital currencies (CBDCs) to coexist and thrive together. Different forms of currency will find their own "product-market fit" due to differences in trust, interoperability, and regulatory clarity.
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From the proposal of the "shadow chairman" concept to the quiet layout of council seats, the game surrounding the control of the Federal Reserve is reshaping the future landscape of cryptocurrency.
