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 February 2 to February 8, 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
According to CoinDesk, Hong Kong Legislative Council member Wu Jiezhuang stated in an interview that cryptocurrencies cannot be easily categorized by country or economy; they are a whole. The crypto industry needs regulatory coordination and predictability across jurisdictions, and hopes the Hong Kong government can strengthen connections with different jurisdictions…
According to Ta Kung Pao, Hong Kong Monetary Authority Chief Yu Weiman stated that the Hong Kong Stablecoin Ordinance officially took effect on August 1 last year, and a total of 36 institutions have submitted applications for stablecoin licenses, which are currently under evaluation, with hopes to make decisions soon…
Caixin: JD.com has not withdrawn its application for a stablecoin license in Hong Kong
According to Caixin, Hong Kong Monetary Authority Chief Yu Weiman stated after a meeting of the Financial Affairs Committee that a total of 36 institutions have submitted applications for stablecoin licenses, including banks, tech companies, brokerages, asset management companies, investment firms, e-commerce, payment institutions, and startups/Web3 companies…
According to China News Service, Hong Kong hosted the annual meeting of the Interpol Cybercrime Expert Group for the first time, covering various topics including online extortion, artificial intelligence, and virtual asset tracking…
According to Hong Kong 01, the Hong Kong police disclosed that they launched a territory-wide law enforcement operation against fraud, cybercrime, and money laundering, codenamed "Operation Conspiracy," over the past three weeks, targeting conspiracy to commit fraud and deception…
According to the Hong Kong Economic Journal, the Hong Kong Securities and Futures Commission is considering allowing licensed virtual asset trading platforms to provide secondary trading services for tokenized securities to retail clients…
Aptos Labs, BCG, and Hang Seng Bank release white paper on tokenized funds in Hong Kong
Aptos Labs, in collaboration with Boston Consulting Group (BCG) and Hang Seng Bank, released a white paper titled "Digital Currency: Exponential Development Opportunities for Hong Kong's Fund Industry," summarizing the Hong Kong Monetary Authority's "Digital Hong Kong Dollar+"…
Alchemy Pay invests in Hong Kong SFC licensed institution HTF, approved for license upgrade
Crypto payment company Alchemy Pay collaborated with Hong Kong SFC licensed institution HTF Securities Limited to complete the upgrade of the SFC's Type 4 (advising on securities) license VA…
The Hong Kong SFC held the third digital asset advisory group meeting to discuss the future regulatory development of digital assets in Hong Kong with licensed virtual asset trading platforms. The meeting discussed plans to strengthen the digital asset ecosystem…
Industry Observation
On February 6, 2026, the People's Bank of China and eight other ministries issued a notice titled "Further Preventing and Handling Risks Related to Virtual Currencies" (Document No. 42, hereinafter referred to as "Document No. 42"), which continues the strict regulatory attitude of mainland China towards virtual currencies.
Outrageous operation ceiling! Bithumb issues 620,000 BTC out of thin air
The crypto industry is never short of black swan events such as hacking attacks and lost private keys, but on the evening of February 6, 2026, an incident at South Korea's second-largest crypto exchange Bithumb is enough to be recorded in the annals of the most absurd blunders in crypto history, deemed the "ceiling of exchange confusion."
On the evening of February 6, Bithumb made a fatal operational error during the distribution of activity rewards, mistakenly issuing a total of about 620,000 bitcoins to 695 users, which, at the then price of $66,000, amounted to a staggering $40.92 billion—an amount that could have rendered this leading exchange instantly insolvent. Fortunately, as of now, the platform has recovered 99.7% of the mistakenly issued BTC, temporarily averting a full-blown crisis.
According to Xinhua News Agency, on February 6, reporters learned from the People's Bank of China and the China Securities Regulatory Commission that the People's Bank of China and eight departments jointly issued a document clarifying that activities related to virtual currencies are illegal financial activities and are strictly prohibited within the country. No unit or individual may issue stablecoins linked to the RMB abroad without the approval of relevant departments, and domestic entities and their controlled foreign entities are prohibited from issuing virtual currencies abroad.
In early February 2026, Hong Kong Legislative Council member Wu Jiezhuang clearly stated during an industry exchange that Hong Kong is expected to launch a dedicated regulatory framework for digital asset custody and over-the-counter (OTC) trading within the year and is studying the relaxation of trading restrictions for professional investors. This policy signal has quickly attracted widespread attention in the financial and tech sectors and is seen as a key step for Hong Kong to solidify its position as a global digital financial hub.
Hong Kong Bitcoin & Ethereum Spot ETF Inflow and Outflow
According to ichaingo data statistics, last week, Hong Kong's Bitcoin spot ETF had a net subscription of 28.6 units, with a total holding value of approximately $250 million, a decrease of about $41 million in holding value; the Ethereum spot ETF had a net subscription of approximately 36.96 units, with a total holding value of approximately $72.01 million, a decrease of about $14.26 million in holding value.
Event Updates
"Stablecoin Odyssey 2026," co-hosted by Mastering Stablecoin and Stablehunter, will be held on February 10 in Hong Kong. Stablecoin Odyssey brings together builders, issuers, and infrastructure providers to explore new financial directions driven by stablecoins.
"Ethereum Hong Kong Meetup @ Consensus 2026"
"Ethereum Hong Kong Meetup @ Consensus 2026," co-hosted by EthereumHKHub, SNZ Holding, RCBT, and ETHTAO, will be held on February 10 in Hong Kong. The meeting will delve into two transformative themes through carefully curated panel discussions: the evolving privacy landscape and innovations surrounding the future of the Ethereum Virtual Machine (EVM).
"Avalanche Convergence: Stablecoin & Real World Assets"
"Avalanche Convergence: Stablecoin & Real World Assets," co-hosted by Ru Wang, Avalanche, TechubNews, HashKey Group, and HFintech, will be held on February 11 in Hong Kong, interpreting a five-layer architecture: data assets, blockchain infrastructure, tokenization, applications, and regulatory compliance.
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