Hong Kong Web3 Weekly Highlights: According to informed sources, the review of Hong Kong stablecoin licenses will be conducted on an invitation-only application basis.

Welcome to read the "Hong Kong Web3 Weekly Highlights" from Techub News. In this week's report, we will summarize the major events and developments in the Hong Kong Web3 sector from July 21 to July 27, as well as the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in the Hong Kong Web3 field last week.

Hot News Express

Chairman of the Hong Kong Financial Development Council: Stablecoins are a long-term strategy and should not be reduced to short-term speculative tools.

According to the Hong Kong Economic Daily, as the "Stablecoin Regulation" is set to take effect on August 1, Hong Kong Financial Development Council Chairman Hong Pi stated at the annual report release conference that stablecoins are a part of the digitalization of Hong Kong's financial market and should play a "stabilizing" role rather than being manipulated by short-term speculation...

Derlin Holdings plans to invest HKD 60 million in the Hong Kong technology company Fulong to explore the stablecoin market.

According to Zhitong Finance, Derlin Holdings announced that it has signed a non-binding term sheet with Hong Kong technology company Fulong Consulting Ltd. The group will engage in strategic cooperation and share swap between the group and Fulong. As part of this strategic initiative, the company will invest in Fulong through a share swap at a cost of HKD 60 million......

Insiders: The review of stablecoin licenses in Hong Kong will be conducted on an invitation-only application basis.

According to reports from Caixin citing informed sources, the Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025, and will simultaneously launch the stablecoin license application. Two sources indicated that the licenses for stablecoin issuers will not be processed through applicants downloading forms themselves and submitting written applications uniformly...

Li Jiachao: Continue to improve the listing system and enhance Hong Kong's attractiveness as a listing location.

According to Xinhua News Agency, Hong Kong Special Administrative Region Chief Executive John Lee posted on social media that the Hong Kong SAR government has implemented a series of listing system reforms in recent years, resulting in a prosperous new share market this year. As of mid-July this year, there have been 52 IPOs, raising a total of HKD 124 billion, which represents an increase of 30% and 590% year-on-year respectively......

Ping An of China: Actively researching regulatory changes related to stablecoins in the Hong Kong market.

According to reports from Caixin, Ping An of China has noted the changes in industry regulation related to stablecoins in the Hong Kong market. Ping An has a strong foundation in blockchain technology and will maintain a high level of attention and actively conduct research.

Coolpad Group, a Hong Kong-listed company, has established the RWA division to explore the tokenization of property assets.

According to Zhitong Finance, Coolpad Group ( )02369.HK announced the establishment of the "Real World Asset Tokenization Division" (, referred to as the "RWA Division" ). The purpose of this department's establishment is to coordinate and promote key work such as the tokenization of RWA assets. The company began exploring Web3-related fields as early as 2023, and the establishment of the RWA Division aims to systematically adapt to the technological changes brought by Web3......

Futu collaborates with Huaxia Fund to launch a tokenized currency fund, covering Hong Kong dollars, Renminbi, and US dollars.

Broker Futu (US: FUTU) announced that it has reached a long-term cooperation with Hua Xia Fund (Hong Kong) for Web3. Futu will launch the tokenized money fund products of Hua Xia Fund (Hong Kong) on its application, covering three major currencies: Hong Kong Dollar, Renminbi, and US Dollar. In the future, both parties will explore "on-chain"...

Aide Financial has obtained approval from the Hong Kong Securities and Futures Commission to provide digital asset deposit and withdrawal services.

Adamas Finance announced that its subsidiary Adamas Securities and Futures has obtained approval from the Hong Kong Securities and Futures Commission to provide digital asset custody services, laying the foundation for the group's future development of digital asset trading, including stablecoin and tokenized real asset (RWA) product distribution and other businesses...

The Hong Kong Monetary Authority will release a summary of the rules for stablecoin issuers next week.

According to Zhitong Finance, the Hong Kong Monetary Authority will release a summary of stablecoin issuer rules next week.

Yu Weiwen: Avoid excessive speculation on stablecoins, and only a few stablecoin licenses will be issued in the initial phase.

According to Jinshi News, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, has discussed stablecoins again. Recently, with the heated speculation surrounding the concept of stablecoins, there has been an excessive sense of euphoria in the market. Some listed companies, regardless of whether their core business is related to stablecoins or digital assets, as long as they claim to be interested in developing stablecoin businesses, seem to be "turning stones into gold," resulting in a surge in stock prices, a significant increase in trading volume, and a substantial enhancement of the company's visibility...

Hong Kong customs has cracked a money laundering case involving the use of stablecoins, with an amount involved reaching approximately 1.15 billion.

According to the Sing Tao Daily, Hong Kong Customs today uncovered a case involving the use of smuggled cash and virtual assets for money laundering, with an amount involved of approximately 1.15 billion. They arrested a local man and a non-local man. Hong Kong Customs personnel identified a 37-year-old local man and a 50-year-old non-local man and initiated a wealth investigation, discovering that the two were smuggling cash out of the country and frequently and rapidly conducting large transactions of stablecoins and fiat currency with funds of unknown origins...

Fosun Wealth's subsidiary launches a one-stop RWA tokenization platform, aiming to custody HKD 100 billion in assets within five years.

According to a report by Hong Kong Wen Wei Po, Fosun Wealth's subsidiary Star Road Technology has launched the one-stop RWA technology, issuance, and distribution platform FinRWA Platform 1.0 (FRP 1.0). CEO Cai Hua stated that FRP 1.0 is an open platform that provides asset parties with Hong Kong-compliant RWA issuance guidelines and technical support, allowing various financial institutions to quickly access the distribution, trading, and redemption of RWA and stablecoin markets, providing compliant and stable one-stop trading services...

Hong Kong Monetary Authority: From August 1, promoting any unlicensed stablecoins to the public is illegal.

According to the Securities Times, Eddie Yue, the CEO of the Hong Kong Monetary Authority, reminded that there have recently been scams involving the promotion of digital assets and stablecoins, causing losses to the public. The "Stablecoin Ordinance" took effect on August 1, and according to the regulation, promoting any unlicensed stablecoin to the public in Hong Kong is illegal from the effective date...

Guolian Co., Ltd. has been approved as a core member of the RWA ecological partnership and will participate in the construction of the RWA joint laboratory.

According to Tonghuashun reports, the Blockchain and Data Element Professional Committee of the China Mobile Communications Association visited Guolian Co., Ltd., and the company was approved as a core member of the RWA ecological partnership. The two sides discussed three strategic directions: the standardization of RWA/RDA asset issuance, the joint establishment of the RWA laboratory, and the construction of a Hong Kong cross-border digital asset hub, exploring innovative paths for the integration of the digital economy and the real economy......

JD Coin Chain Technology will collaborate with the Hong Kong Polytechnic University on fintech and stablecoins.

According to Ming Pao, JD.com's JD Coin Chain Technology has signed a memorandum of understanding with the School of Business of the Hong Kong Polytechnic University. The two parties will collaborate on financial technology and stablecoin ecosystem development, promoting innovation and practice in the fields of financial technology and stablecoins through joint research projects, technology development and application, talent cultivation, and information sharing.

Vanuatu state-owned enterprise South Pacific Digital Technology Holdings is considering applying for a Hong Kong stablecoin issuer license.

According to the Wenhui Daily, the Republic of Vanuatu in the South Pacific held a national resource promotion conference in Hong Kong, while the South Pacific Digital Technology Holdings, led by the government of the country as a major shareholder, signed a memorandum of cooperation with Jiamu Technology, Yunzhisheng, Tridens Investment, and BitTrade Co., Ltd. Zeng Xiangyun, Executive Director of South Pacific Digital Technology Holdings, stated that the purpose of this cooperation is to deploy and develop in the Web3 field......

HSBC: Under the current system, the Hong Kong dollar stablecoin will not affect the linked exchange rate system.

According to the Ming Pao report, HSBC's report believes that the licensing system for stablecoins is an important step for Hong Kong to develop into a global digital asset investment and innovation hub. The bank believes that even if the supply of Hong Kong dollar stablecoins increases in the future, it will not affect the linked exchange rate under the existing system...

Fushi Finance's subsidiary submitted an application for a virtual asset service license to the Hong Kong Securities and Futures Commission.

According to Zhitong Finance, Fushi Financial (02263.HK) announced that its indirectly wholly-owned subsidiary, Jiafuda Securities Limited, submitted an application to the Hong Kong Securities and Futures Commission on July 25, aiming to provide virtual asset trading and consulting services as an intermediary under the Securities and Futures Ordinance ( Hong Kong Laws Chapter 571 ) Type 1 ( regulated activity license.

Industry Observation

"Does the judicial disposal of virtual currency need to go through domestic 'intermediary institutions'?"

Recently, there have been some new developments in the field of judicial disposal of involved virtual currencies (hereinafter referred to as "judicial disposal"). Especially after the Beijing Municipal Public Security Bureau's Law Enforcement Corps officially announced a new model through an article (for details, see Lawyer Liu's previous article: "What is the 'New Channel' for the Disposal of Involved Virtual Currencies by the Beijing Stock Exchange? Can Disposal Be Opened Now?"). Lawyer Liu has received inquiries from domestic judicial authorities and disposal companies, and the core questions everyone is concerned about are: "What exactly is the 'Beijing Stock Exchange' model? Must domestic judicial disposal go through intermediary institutions similar to the Beijing Stock Exchange?" Additionally, there are requests for Lawyer Liu to assess the future trends of judicial disposal in mainland China, and so on. Today, we will write this short article to analyze the above questions one by one.

"China's blockchain will launch a stablecoin supported by offshore RMB"

Chinese blockchain developer Conflux has launched the third iteration of its public network and announced a stablecoin plan pegged to the offshore renminbi. According to a report from the Shanghai municipal government, Conflux revealed this latest news during a three-day conference held over the weekend. At the meeting, the company stated that it will collaborate with fintech company AnchorX and IT security provider Eastcompeace to bring the offshore renminbi-backed stablecoin to market.

"Stablecoin Payments and Global Capital Flow Models"

Stablecoins are the most representative practical tools in the field of digital currency, demonstrating how blockchain provides a new and efficient infrastructure for traditional financial payment systems. In the past year, the total market value of stablecoins has grown by over 50%; since Trump's re-election in November, it has accelerated even more. Currently, the total market value of stablecoins exceeds $250 billion and is at the forefront of the explosion phase. This volume has already facilitated the efficient circulation of trillions of dollars in global payment funds.

"Slow Fog: A Smart Contract Implementation Guide for Stablecoin Issuers in Hong Kong"

With the official passage of the "Stablecoin Regulation", the Hong Kong Monetary Authority ) HKMA ( released the "Guidelines for Regulating Licensed Stablecoin Issuers (Draft)" on May 26, 2025, aimed at ensuring the stability, safety, and compliance of the local stablecoin ecosystem. The guidelines outline in detail the regulatory requirements and operational standards that licensed stablecoin issuers must continuously adhere to.

Recently, more and more institutions have been consulting the SlowMist security team )SlowMist( on the compliance implementation issues of smart contracts. In order to assist issuers in better understanding and deploying a compliant smart contract system, we have specially released the "Smart Contract Implementation Guidelines for Stablecoin Issuers in Hong Kong" to provide clear technical pathways and practical recommendations, supporting the healthy development of the Hong Kong stablecoin ecosystem.

"Trading SharpLink: Unveiling the Players Behind the Cryptocurrency and Stock Craze A.G.P."

On July 15, 2025, an astonishing piece of news shocked the market: the gaming company SharpLink, which was on the verge of delisting, announced that it would invest the entire $413 million raised in just one week into Ethereum. The capital market responded with the most fervent enthusiasm—according to data from Investing and Nasdaq, its stock price skyrocketed by 528% within six months, with a monthly surge of over 150%.

However, SharpLink's comeback story is just the tip of the iceberg. Almost simultaneously, a broader capital alchemy is quietly unfolding across different industries: a traditional consumer goods company (Upexi) has cleverly incorporated SOL tokens into its reserves through ingenious bond designs without any bloodshed; a crypto mining giant (Bitdeer) has successfully connected with traditional capital on Wall Street; and a cutting-edge Canadian technology company (BTQ) has raised tens of millions from American investors by exploiting regulatory loopholes.

"Dialogue with Circle's Chief Strategy Officer: The Competition Between Banks and Non-Bank Institutions Has Just Begun After the Implementation of the GENIUS Act"

In this episode, Circle's Chief Strategy Officer Dante Disparte—one of the key figures behind this legislation—explains the following: how the bill gained bipartisan support amid political tensions; why banks might think twice before issuing stablecoins; and why Circle is applying for a national trust bank license.

In addition, the program also discussed the debate surrounding stablecoins with accompanying interest, how this bill fits into the broader financial regulatory framework, and whether American consumers and the dollar will benefit as a result.

"Wall Street Tycoon Dan Tapiero: I am all in on the crypto industry, Bitcoin will reach 1 million dollars"

In the fast-changing financial world, there are always voices that can penetrate the fog and guide the way. Dan Tapiero, founder of 10 T Holdings (now renamed 50 T) and One Roundt Partners, a global macro investment veteran who has managed over $1.5 billion in Web 3 and digital assets, has now bet his entire fortune on the trillion-dollar future of cryptocurrency. This episode of the podcast explores his survival rules in this "new world," risk management philosophy, and unique insights into the development of the industry.

"Web3 Deposit and Withdrawal Essentials: Compliance Platforms, KYC, and Tax Obligations"

Despite the increasing maturity of cryptocurrency payment technology, the exchange of fiat currency and cryptocurrency (i.e., "deposit and withdrawal") remains a core issue that Web3 investors cannot avoid. As cryptocurrencies have not yet become mainstream payment tools, if the crypto assets in investors' wallets or exchange accounts cannot be smoothly converted into fiat currency, their value can only be limited to specific scenarios. However, deposit and withdrawal are directly related to the safety of funds. In a situation where risks such as account freezing and fraud are everywhere, how to choose safe and reliable deposit and withdrawal channels and implement comprehensive risk prevention before, during, and after the process is a question that every Web3 investor must consider.

The Economist: If stablecoins are truly useful, they will also be truly disruptive.

One thing has become clear: the view that cryptocurrencies have not produced any noteworthy innovations is a thing of the past. In the eyes of those conservatives on Wall Street, the 'use cases' of cryptocurrencies are often discussed in a mocking tone. Veterans have seen it all before. Digital assets come and go, often in the spotlight, exciting investors who are keen on memecoins and NFTs. Besides being used as tools for speculation and financial crime, their other potential uses are often found to be flawed and lacking.

Data Insights

Hong Kong Bitcoin & Ethereum Spot ETF Inflow and Outflow Situation

According to data from ichaingo, the subscription volume for Bitcoin spot ETFs in Hong Kong last week was 33.54 units, with a total holding value of approximately $490 million, a decrease in holding value of about $17.45 million; the net subscription volume for Ethereum spot ETFs was 1352.97 units, with a total holding value of approximately $8.62 million, an increase in holding value of about $5 million.

Event Information

"RWA Global Business Alliance" 2025 Hong Kong

The "RWA Global Industry Alliance" will be held on July 30 from 9:00 to 17:00 at Cyberport in Hong Kong. RWA tokenization is becoming a new high ground in the global fintech sector. The year 2025 will mark a crucial milestone for the application of RWA, with Hong Kong being an international hub for finance and digital assets, possessing unique geographical advantages and policy support.

To promote the compliant development of the global RWA industry and strengthen the collaboration between upstream and downstream industries, guided by the China Communications Industry Association and the China Mobile Communications Association, a joint initiative has been launched by the Blockchain Professional Committee of the China Communications Industry Association, the Artificial Intelligence and Metaverse Industry Working Committee of the China Mobile Communications Association, the Digital Economy Community, the New Development Research Institute of Guangdong University of Finance, the Zhuhai Fudan Innovation Research Institute, the Asian Metaverse Industry Alliance )AMIA(, Beijing Zhongzhou Law Firm, Sinor Hong Kong ) International Group Co., Ltd., Maiyou Cloud Chain ( Shenzhen ) Technology Co., Ltd., and several other organizations to jointly initiate the 'Hong Kong RWA Global Industry Alliance', and will hold the alliance's founding conference in Hong Kong.

This conference will gather global regulatory representatives, industry experts, capital providers, and innovative enterprises to jointly release alliance plans, showcase progress, and implement industry collaboration, opening a new chapter in the integration of real assets and the digital economy.