整理：Nona，Techub News

**TinTinLand
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Fear-Greed Index: 27 (Fear)
Bitcoin Price: $106,529
BTC/ETH Spot ETF Fund Flow (11.3)
BTC Net Inflow: 0 M
ETH Net Outflow: $20.09 M

Hong Kong

BTC/ETH Spot ETF Fund Flow (11.3)

BTC Net Subscription: 0 BTC

ETH Net Subscription: 0 ETH

Public-Private Collaboration Dual-Drive Model
During the Hong Kong FinTech Week, Financial Secretary Paul Chan stated that digitization is a key driving force for transformation in the financial industry. Technologies such as AI and blockchain can significantly enhance service efficiency and optimize credit assessments, but issues like algorithmic bias, data privacy, and financial stability need to be properly addressed. In response, Hong Kong has adopted a "government governance + public-private collaboration" dual-drive model to build a vibrant fintech ecosystem and proposed three core directions. First, financial innovation must be rooted in the real economy and people's livelihoods; second, regulation must take proactive action to become a driver of innovation; third, innovation must balance responsibility and sustainability.

The Hong Kong Monetary Authority (HKMA) President Eddie Yue announced the next phase of the fintech development blueprint "Fintech 2030," which includes four core strategies: data, artificial intelligence, resilience, and tokenization (DART), comprising a total of 40 projects and measures. Regarding tokenization, Yue indicated it is an important channel for innovation, reshaping market infrastructure, launching innovative services, and reducing costs. The HKMA launched the wholesale central bank digital currency project Emsemble last year, which has now piloted over 20 projects, with tokenized money market funds settled in central bank digital currency expected to be launched as early as this year.

The Hong Kong Securities and Futures Commission (SFC) published a circular on "Liquidity Sharing for Virtual Asset Trading Platforms" and another on "Expanding Products and Services for Virtual Asset Trading Platforms," outlining the expected standards for licensed virtual asset trading platform operators.

People's Bank of China Vice Governor Lu Lei, speaking at the Hong Kong FinTech Week Startup Festival, emphasized that the PBOC highly values cross-border payment cooperation with Hong Kong and is actively promoting payment connectivity between the two regions. Lu noted that the PBOC continues to expand the Renminbi cross-border payment system's operations in Hong Kong, successfully launching the "Cross-Border Payment Link" in June this year, and has established a unified gateway for cross-border QR codes. In the future, it will further explore using digital Renminbi for cross-border payments, including promoting multilateral central bank digital currency bridge cooperation and building a dual platform of blockchain and digital assets to provide more convenience for the economic integration of the two regions.

SFC CEO Ashley Alder stated that Hong Kong will allow locally licensed virtual asset trading platforms to share global order books with overseas affiliates to enhance liquidity.

CEO: Our Tokenized Gold Product Has Achieved "Widespread Adoption" Among Retail Clients in Hong Kong
HSBC CEO stated that the bank's tokenized gold product has achieved "widespread adoption" among retail clients in Hong Kong, becoming the third-largest product of its kind globally.

Hong Kong Chief Executive John Lee Ka-chiu stated today at the Hong Kong FinTech Week that the policy address proposes a series of measures to promote economic growth and enhance Hong Kong's competitiveness. To solidify Hong Kong's status as an international financial center, it will deepen the stock market, expand world-class bond and currency markets, and promote the development of the insurance, asset, and wealth management industries. In the stock market, it will support mainland technology companies in raising funds in Hong Kong, encourage overseas companies to list in Hong Kong as a secondary listing, and welcome Chinese concept stock companies to return from overseas, making Hong Kong their preferred destination. Hong Kong is also committed to improving bond market infrastructure and establishing connections with overseas markets, including Switzerland and the UAE.

HKMA President Eddie Yue stated that Hong Kong's total expenditure on technology investment is expected to reach HKD 100 billion annually over the next three years.

Hong Kong Chief Executive John Lee Ka-chiu, in his opening speech at the Hong Kong FinTech Week, mentioned that there are currently over 1,200 fintech companies in Hong Kong, a 10% increase from last year. It is expected that by 2032, the total revenue of Hong Kong's fintech industry will exceed USD 600 billion, with an annual growth rate of over 28%. The Hong Kong SAR government plans to relax restrictions to encourage more investors to enter the fintech sector.

Moon Inc. Increases Holdings by 6.12 Bitcoins, Total Holdings Rise to 35
Hong Kong-listed company Moon Inc. announced it has increased its holdings by 6.12 Bitcoins at an average price of USD 109,800, bringing its total holdings to 35.

Regulation/Macro

Selected Events in Hong Kong for November
We have specially compiled noteworthy events in the crypto space in Hong Kong for November, which will open a window to the future of Web3 for you.

Projects/Company Updates
The French National Assembly has passed a tax law amendment proposing to levy taxes on "non-productive wealth," including specific real estate and cryptocurrency holdings.

According to Lookonchain monitoring, the total amount of funds stolen from Balancer has risen to USD 116.6 million.

Swiss crypto bank AMINA has obtained regulatory approval from the Austrian Financial Market Authority (FMA) to operate cryptocurrency services across Europe under the crypto asset market (MiCA) regulatory framework. AMINA stated that the approval from Austrian regulators paves the way for the official operation of AMINA EU, which will provide cryptocurrency trading, custody, portfolio management, and staking services to professional investors such as family offices, corporations, and financial institutions.

The U.S. SEC must approve or reject Grayscale's HBAR spot ETF by November 12, without further delays. Previously, Grayscale submitted the application on February 28 under Nasdaq Rule 5711 (d). The review process began on June 12 and had been postponed multiple times until September 9.

The South Australian police have launched the third phase of "Operation Ironside," using intelligence from the encrypted communication app AN0M to expand investigations into drug, weapon, and money laundering cases. During the weekend operation, police arrested 55 individuals and filed approximately 800 new charges related to drug trafficking, gun crimes, and conspiracy. According to the Australian Federal Police's 2024 estimates, cryptocurrency tracked through wallet addresses and associated accounts remains a focus of the investigation, with seized amounts reaching approximately AUD 58 million (USD 37.9 million).

The U.S. Second Circuit Court of Appeals will hear arguments on November 4 regarding the motion for a retrial of FTX founder SBF, who was previously convicted on seven different conspiracy and fraud charges and sentenced to 25 years in prison. The hearing will give the Southern District of New York prosecutor (currently led by former SEC Chairman Jay Clayton) and SBF's new defense team (led by appellate attorney Alexandra Shapiro) 10 minutes each to present their arguments. During the hearing, judges may ask questions to clarify details, but the hearing will not re-examine the charges themselves, rather it will assess whether the trial was conducted properly.

In-Depth & Outlook

Every cryptocurrency bull market has a theme. The theme of 2017 was speculation, the theme of 2021 was innovation, and the theme of 2025 may be regulation.

You can be a principled founder: refuse to transform, stick to your original vision, and spend years refining your product. But the result may be: you go bankrupt, you are forgotten, and by the time you release v1, those who have transformed three times have already replaced you.

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