Welcome to read the "Hong Kong Web3 Weekly Highlights" from Techub News. In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 sector from January 19 to January 25, 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
Conflux Vice President David Confirms Attendance at "Global Web3 Developer Conference 2026"
Conflux Vice President David has confirmed his attendance at the "Global Web3 Developer Conference 2026." As one of the core managers of Conflux, David has long focused on promoting Layer1 technology innovation and global ecosystem expansion. His participation will bring cutting-edge insights on Layer1 technology architecture, performance optimization, and consensus mechanisms to the conference.
According to the "2026-27 Fiscal Budget Opinion" released by the Hong Kong Securities and Futures Professionals Association on January 19, Hong Kong has completed the preliminary regulatory infrastructure in the virtual asset field, and the next phase should shift towards "commercial application implementation"…
The Hong Kong Securities and Futures Professionals Association has expressed opposition to the proposed definition and scope of "virtual asset management services," particularly disagreeing with the removal of the minimum threshold arrangement. If the current "10% of total asset value" threshold applicable to Category 9 managers is removed…
Bitget CEO Gracy Chen Confirms Attendance at "Global Web3 Developer Conference 2026"
Bitget CEO Gracy Chen has confirmed her attendance at the "Global Web3 Developer Conference 2026." Gracy Chen, as the CEO of Bitget, has long promoted compliance, globalization, and product innovation for the exchange, with a focus on user safety and ecosystem development. She will share her views on RWA and Web3 x AI at the conference, exploring the future paths of exchanges and Web3 finance…
According to Ta Kung Pao, Financial Secretary Paul Chan stated during the World Economic Forum annual meeting in Davos, Switzerland, that Hong Kong will develop digital assets with a "proactive and cautious" attitude. Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms and expects to issue stablecoin licenses later this year…
SNZ Co-founder Keith Chen Confirms Attendance at "Global Web3 Developer Conference 2026"
SNZ Co-founder Keith Chen has confirmed his attendance at the "Global Web3 Developer Conference 2026." Keith Chen is a well-known investor and entrepreneur in the industry, deeply engaged in the Web3 and blockchain ecosystem, promoting the growth and globalization of early-stage projects…
Plume Chief Strategy Officer Shukyee Confirms Attendance at "Global Web3 Developer Conference 2026"
Plume Chief Strategy Officer Shukyee has confirmed her attendance at the "Global Web3 Developer Conference 2026." Shukyee graduated from UC Berkeley and is recognized by Forbes as a Web3 innovation pioneer. As the CSO of Plume…
According to the South China Morning Post, the quantitative hedge fund QRT is ramping up its presence in Hong Kong, having signed a lease for six floors in Central IFC Phase II, covering an area of 146,000 square feet, with rental amounts undisclosed. This space was previously leased by UBS Group…
Kite AI Co-founder and CEO Chi Zhang Confirms Attendance at "Global Web3 Developer Conference 2026"
Kite AI Co-founder and CEO Chi Zhang has confirmed his attendance at the "Global Web3 Developer Conference 2026." Chi Zhang holds a PhD in ML/AI from UC Berkeley and previously led data engineering product development at Databricks, guiding early-stage entrepreneurs…
FOMO Group Business Growth Head Leona Gan has confirmed her attendance at the "Global Web3 Developer Conference 2026." Leona has nearly a decade of experience in the fintech sector, with exceptional industry insights and practical experience in global business growth and strategic partnerships…
Zhuorui Securities Becomes Silver Sponsor of "2026 GWDC Global Web3 Developer Conference"
Zhuorui Securities has announced its sponsorship as a silver sponsor of the "2026 GWDC Global Web3 Developer Conference." Zhuorui Securities is part of Zhuorui Financial Group, headquartered in Hong Kong, holding multiple licenses from the Hong Kong Securities and Futures Commission, with businesses covering securities trading, wealth management, fund investment, and virtual asset trading…
Industry Insights
Firefly, developed by Mask Network, is positioned as a Web3 social aggregator, essentially a multi-protocol, multi-platform client. It seamlessly integrates traditional Web2 social (such as X/Twitter) and multiple decentralized protocols (such as Farcaster, Lens Protocol, Bluesky) into one app.
Specifically, Firefly seamlessly integrates traditional Web2 social platforms (such as X/Twitter) and multiple decentralized protocols (such as Farcaster, Lens Protocol, Bluesky) within the same application. Users can log in directly with their X account, browse timelines, post interactions, while also connecting to Farcaster (Warpcast ecosystem), Lens (NFT social graph), and Bluesky (federated network based on AT Protocol).
Latest Text of U.S. Senate's Crypto Market Structure Bill Released, What Key Content Has Been Added?
Despite Trump's relentless urging, the progress of the bill has not been smooth. Last week, Coinbase CEO Brian Armstrong suddenly withdrew his support for the latest text of the U.S. Senate Banking Committee's crypto market structure bill, the "CLARITY Act." He believes the draft has "too many issues," including restrictions on stablecoin yield rewards, effectively banning tokenized stocks, stifling DeFi innovation, regulatory framework uncertainty, and granting excessive power to the U.S. Securities and Exchange Commission (SEC), leading to a deadlock in the bill's progress and causing severe turbulence in the crypto market.
As a result, the U.S. Senate Democrats decided to renegotiate with representatives from the crypto industry to discuss the next steps for the "CLARITY Act." The first vote originally scheduled for January 15 in the Senate Banking Committee has also been postponed. To make matters worse, according to Bloomberg, due to key senators on the Senate Banking Committee shifting their focus to potential housing legislation, the review of the "CLARITY Act" may be further delayed until late February or March.
The Hong Kong Securities and Futures Professionals Association (HKSFPA) submitted an opinion to regulators on January 20, clearly opposing the proposed removal of the "10% virtual asset allocation exemption" under the current Category 9 license. The association warned that this change would mean that even a mere 1% allocation of crypto assets would require traditional asset management institutions to apply for a full virtual asset management license, with compliance costs severely mismatched to the minimal risk exposure, potentially stifling the industry's incremental innovation.
The tightening of regulations is sometimes not to hinder progress but to establish a new order amid chaos. Hong Kong regulators are pushing for digital asset management to transition from "exception exemptions" to a "comprehensive regulatory" era, attempting to cover all possible risk corners with a unified and stringent licensing network. However, industry voices remind us that excessively high compliance thresholds may deter cautious explorers, thereby delaying the integration of traditional finance and digital assets.
On January 15, 2026, the National Assembly of South Korea passed amendments to the "Electronic Registration Act for Stocks and Bonds" and the "Financial Investment Services and Capital Markets Act" (FSCMA), marking the official legal status of security tokens in South Korea and opening a compliance pathway for asset tokenization (RWA) businesses. This legislative action not only reshapes the digital landscape of South Korea's financial market but also creates a regional competition and collaboration dynamic with the regulatory practices in Hong Kong, providing a dual-track reference for the development of asset tokenization in East Asia.
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's Bitcoin spot ETF was 0 units, with a total ETF holding value of approximately $340 million, a decrease of about $24 million in holding value; the Ethereum spot ETF had a net redemption of approximately 732.93 units, with a total ETF holding value of about $95 million, a decrease of about $11 million in holding value.
Event News
The "2026 Asian Financial Forum," co-hosted by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council, will be held in Hong Kong from January 26 to 27. The Asian Financial Forum (AFF) is Asia's premier platform, bringing together global leaders from government, finance, and business to engage in groundbreaking discussions and share insights on the global economy from an Asian perspective.
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