Hong Kong Web3 Daily Must-Read: Ant Group and JD have suspended their plans to issue stablecoins in Hong Kong, Ripple invests $1 billion to acquire GTreasury.
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Foreign media disclosed that informed sources said that Ant Group, a subsidiary of Alibaba, and tech giants like JD.com have suspended their plans to issue stablecoins in Hong Kong. Ant Group had stated in June this year that it would participate in the Hong Kong stablecoin pilot project, and JD.com had also indicated it would join the pilot program. Hong Kong passed the "Hong Kong Stablecoin Regulation Draft" in May this year. This regulation officially took effect on August 1. As of the end of September, a total of 36 institutions have submitted applications for stablecoin licenses.
Futu Holdings has revealed in its Hong Kong recruitment information that it may launch a DeFi platform. Futu Holdings is currently hiring a head of decentralized finance (DeFi) blockchain technology in Hong Kong, which involves DEX, lending protocols, RWA, and other business areas, aiming to drive end-to-end design and development of multi-chain DeFi applications, including defining technical architecture, ensuring smart contract security, and leading cross-chain deployment strategies to build an infrastructure team and formulate innovative technology development for Futu.
The Hong Kong Securities and Futures Commission welcomes the Financial Secretary's reappointment of Mr. Jiang Zhiqiao and Mr. Ye Lide as non-executive directors of the Commission for a term of two years, effective from November 15, 2025. Both were first appointed as non-executive directors of the SFC on November 15, 2021. Their current term will expire on November 14, 2025.
US-listed company QMMM Holdings (NASDAQ:QMMM) announced on September 9 this year that it plans to invest $100 million to establish a cryptocurrency reserve, with its stock price rising 9.6 times in three weeks. The US SEC deemed at the end of September that the company was suspected of manipulating stock prices using social media, ordering it to suspend trading from September 29. The company has been suspended since then. Caixin visited its Hong Kong headquarters on October 16 and found the office vacated. When inquiring with employees of another nearby company, they stated that the company moved out in September and they were unaware of its new location.
The Hong Kong-listed company International Commercial Settlement (00147.HK) announced that its board has resolved to further purchase Bitcoin within the next two months at a time and price deemed appropriate by the directors, with the total cost not exceeding HK$200 million, based on the group's financial condition.
The Hong Kong-listed company Delin Holdings has reached a cooperation with digital asset financial service provider Antalpha, planning to invest $200 million in tokenized gold and Bitcoin mining infrastructure. In terms of gold assets, Delin Holdings has completed an initial investment of $5 million in Tether Gold (XAU₮) and plans to further acquire and distribute $100 million worth of XAU₮ within the next 12 months; in terms of computing power infrastructure, the company plans to invest $100 million for Bitcoin mining expansion, having procured thousands of high-performance mining machines and established a strategic alliance with Antalpha.
<div class=)[Regulation/Macro
]( Selected Activities in Hong Kong for October
We have specially compiled noteworthy activities in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
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[]( Selected Activities in Hong Kong for October
We have specially compiled noteworthy activities in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
<span style=)
[]( Selected Activities in Hong Kong for October
We have specially compiled noteworthy activities in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
The UK tax authority has sent out 65,000 so-called "demand for payment letters" to individuals suspected of owing cryptocurrency taxes, more than double the number from last year. Selling, exchanging, or consuming cryptocurrency in the UK typically incurs capital gains tax, while staking rewards and airdrops are usually considered income and subject to separate income tax. Meanwhile, UK financial regulators recently lifted a four-year ban on cryptocurrency exchange-traded notes (ETNs), allowing asset management companies to offer cryptocurrency ETNs to retail investors on the London Stock Exchange. Some asset management companies have been authorized to offer their products to retail investors.
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According to market news, Japan is considering allowing banks to invest in crypto assets.
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France is strengthening anti-money laundering scrutiny of cryptocurrency exchanges, with regulators trying to determine which of the more than 100 institutions registered to provide crypto services in the country will obtain EU-wide operating licenses in the coming months. Informed sources revealed that the French Prudential Supervision and Resolution Authority (ACPR) is implementing controls on dozens of exchanges, a move that began at the end of last year.
Florida lawmakers have opened the 2026 legislative session, proposing to include Bitcoin in the state's financial toolset. The House of Representatives of Florida submitted House Bill No. 183, which will allow the state's Chief Financial Officer to invest up to 10% of designated public funds (including general revenue funds, budget stabilization funds, and various trust funds) in "digital assets" and ETFs. If the bill passes, it will also authorize the state management board to invest up to 10% of the Florida Retirement System Trust Fund in digital assets.
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Florida lawmakers have opened the 2026 legislative session, proposing to include Bitcoin in the state's financial toolset. The House of Representatives of Florida submitted House Bill No. 183, which will allow the state's Chief Financial Officer to invest up to 10% of designated public funds (including general revenue funds, budget stabilization funds, and various trust funds) in "digital assets" and ETFs. If the bill passes, it will also authorize the state management board to invest up to 10% of the Florida Retirement System Trust Fund in digital assets.
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Florida lawmakers have opened the 2026 legislative session, proposing to include Bitcoin in the state's financial toolset. The House of Representatives of Florida submitted House Bill No. 183, which will allow the state's Chief Financial Officer to invest up to 10% of designated public funds (including general revenue funds, budget stabilization funds, and various trust funds) in "digital assets" and ETFs. If the bill passes, it will also authorize the state management board to invest up to 10% of the Florida Retirement System Trust Fund in digital assets.
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[](
Florida lawmakers have opened the 2026 legislative session, proposing to include Bitcoin in the state's financial toolset. The House of Representatives of Florida submitted House Bill No. 183, which will allow the state's Chief Financial Officer to invest up to 10% of designated public funds (including general revenue funds, budget stabilization funds, and various trust funds) in "digital assets" and ETFs. If the bill passes, it will also authorize the state management board to invest up to 10% of the Florida Retirement System Trust Fund in digital assets.
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[](
Florida lawmakers have opened the 2026 legislative session, proposing to include Bitcoin in the state's financial toolset. The House of Representatives of Florida submitted House Bill No. 183, which will allow the state's Chief Financial Officer to invest up to 10% of designated public funds (including general revenue funds, budget stabilization funds, and various trust funds) in "digital assets" and ETFs. If the bill passes, it will also authorize the state management board to invest up to 10% of the Florida Retirement System Trust Fund in digital assets.
<h3 dir=)[Robinhood has expanded its tokenization program on the Arbitrum blockchain, deploying 80 new stock tokens in the past few days, bringing the total number of tokenized assets close to 500. According to Dune Analytics data, Robinhood has tokenized 493 assets, with a total value exceeding $8.5 million. The cumulative issuance exceeds $19.3 million, but about $11.5 million in destruction activities offset this loss, indicating that market trading is active and continuously growing. Stocks account for nearly 70% of all deployed tokens, followed by ETFs at about 24%, with less allocation to commodities, cryptocurrency ETFs, and US Treasury bonds. The latest batch of tokenized assets includes Galaxy (GLXY), Webull (BULL), and Synopsys (SNPS).
]( Added 80 New Stock Tokens on Arbitrum, Total Tokenized Assets Approximately 500<p class=)
[]( Added 80 New Stock Tokens on Arbitrum, Total Tokenized Assets Approximately 500<p class=)[Aave founder Stani Kulechov posted on X that Aave V4 will unlock a new category of collateral assets for DeFi, covering: cryptocurrencies, stocks, ETFs, various funds, bonds and fixed income products, private credit, real estate and mortgages, commodities, and accounts receivable.
]( V4 Will Support New Collateral Asset Categories, Covering Stocks, ETFs, and Real Estate, etc.<p class=)
[]( V4 will support new categories of collateral assets, covering stocks, ETFs, real estate, etc.<p class=)[OpenSea CEO @dfinzer tweeted that they plan to launch the SEA token in the first quarter of 2026. The foundation has confirmed that 50% of the supply will be allocated to the community, with more than half distributed through initial application rewards. OGs and participants in the OpenSea rewards program will have other allocation methods. At launch, 50% of the revenue will be used to purchase SEA. SEA will be deeply integrated with OpenSea, including allowing SEA to be staked against NFTs that users like.
]( Planning to launch SEA token in the first quarter of next year<p class=)
[]( Planning to launch SEA token in the first quarter of next year<p class=)[Huobi founder Li Lin plans to launch an Ethereum treasury-type asset management company with a scale of about $1 billion, focusing on investments in the Ethereum ecosystem and treasury management. Informed sources indicate that the team includes senior blockchain investors, Shen Bo, co-founder of Distributed Capital, and Xiao Feng, chairman and CEO of HashKey Group. The sources were not authorized to speak publicly. Additionally, the team includes Cai Wensheng, founder of Meitu.
]( $1 billion Ethereum asset management company, team members include Shen Bo, Xiao Feng, and Cai Wensheng<p class=)
[]( $1 billion Ethereum asset management company, team members include Shen Bo, Xiao Feng, and Cai Wensheng<p class=)[Cobo co-founder Shen Yu stated that U.S. law enforcement has obtained the private keys to over 120,000 Bitcoins mysteriously transferred in 2020, which are currently valued at about $15 billion. It was disclosed that law enforcement did not obtain the private keys through hacking or intrusion but discovered that there were randomness defects when these private keys were generated. Preliminary statistics show that over 220,000 addresses were affected by this vulnerability, and a complete list has been made public. The private keys of these wallets were generated by a flawed pseudo-random number generator (PRNG). Due to the use of fixed offsets and patterns, the predictability of the private keys increased. Users are still continuously transferring funds to the related addresses, indicating that the risk from the vulnerability has not been completely eliminated.
]( Co-founder Shen Yu: U.S. law enforcement obtained the private keys related to the 2020 LuBian mining pool theft incident through randomness defects, involving 120,000 Bitcoins<p class=)
[]( Co-founder Shen Yu: U.S. law enforcement obtained the private keys related to the 2020 LuBian mining pool theft incident through randomness defects, involving 120,000 Bitcoins<p class=)[Mitsubishi UFJ Bank, Sumitomo Mitsui Financial Group, and Mizuho Bank in Japan will jointly issue stablecoins pegged to the value of fiat currencies such as the yen and the dollar. Initially, it will first apply to the Mitsubishi Corporation's fund settlement system.
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[](<p class=)[Ripple Labs is leading a financing plan of at least $1 billion aimed at accumulating XRP. Some sources indicate that the funds will be raised through a special purpose acquisition company (SPAC), and Ripple Labs may invest some of its own XRP.
]( Labs is leading a financing plan of at least $1 billion to establish an XRP reserve<p class=)
[In-depth & Outlook]( Labs is leading a financing plan of at least $1 billion to establish an XRP reserve<p class=)
[Ripple's core strategic layout this year undoubtedly revolves around the cross-border payment field, with the USD stablecoin Ripple USD (RLUSD) being a key component.
]( $1 billion acquisition of GTreasury, planning to raise $1 billion to build an XRP treasury, what major layouts has Ripple made recently?<p class=)
[]( $1 billion acquisition of GTreasury, planning to raise $1 billion to build an XRP treasury, what major layouts has Ripple made recently?<p class=)[Switzerland, with its long-standing financial tradition, stable political environment, and flexible and pragmatic regulatory philosophy, demonstrates a unique "progressive compliance" characteristic in the RWA field. Compared to the EU's unified standards through MiCA and the fragmented enforcement in the U.S., Switzerland adopts a balanced and gradual development strategy.
Perspective
]( Overview of RWA Compliance Landscape: Switzerland - Digital Innovation of Traditional Financial Fortress<p class=)
[]( Overview of RWA Compliance Landscape: Switzerland - Digital Innovation of Traditional Financial Fortress<p class=)[
]( ZK-VM?
The answer is for performance, and it is not at the cost of sacrificing security. Previously, we discussed a topic that the most immediate way to improve Ethereum's performance is to increase the GAS limit, in simple terms, to make each block larger. However, increasing the GAS limit comes at a cost, as excessively large blocks are a heavy burden for nodes.
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[]( ZK-VM?
The answer is for performance, and it is not at the cost of sacrificing security. Previously, we discussed a topic that the most immediate way to improve Ethereum's performance is to increase the GAS limit, in simple terms, to make each block larger. However, increasing the GAS limit comes at a cost, as excessively large blocks are a heavy burden for nodes.
<p class=)[Bitcoin is now highly correlated with U.S. politics, which in turn hinders the willingness of other central banks to purchase Bitcoin for de-dollarization.
