Hong Kong Web3 Weekly Highlights: The Hong Kong "Stablecoin Regulation Draft" officially comes into effect, with a 6-month transition arrangement set after the implementation.

Welcome to read Techub News's "Hong Kong Web3 Weekly Roundup." In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 space from July 28 to August 3, 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

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

According to a report by Zhitong Finance, Fushi Financial (02263.HK) announced that its indirectly wholly-owned subsidiary, Jafuda Securities Co., Ltd., submitted an application to the Hong Kong Securities and Futures Commission on July 25...

Yuan Coin Technology plans to issue a Hong Kong Dollar stablecoin HKDR on Ethereum.

According to Hong Kong media reports, the Hong Kong stablecoin regulations will take effect on Friday (August 1). Coin Technology is one of the sandbox participants for the stablecoin issuer of the Monetary Authority. The company's CEO, Liu Yu, stated in a recent interview that they intend to issue the Hong Kong dollar stablecoin HKDR on the Ethereum public chain ......

The Hong Kong Monetary Authority held a technical briefing on the regulatory framework for stablecoin issuers.

According to Zhitong Finance, the Hong Kong Monetary Authority held a technical briefing on the regulatory framework for stablecoin issuers. The technical briefing will be hosted by senior management from the Monetary Authority, including Vice President Chen Weimin, Assistant Vice President Chen Jinghong, Assistant Vice President He Hanjie, and Head of Digital Finance He Hongzhe, among others...

The Hong Kong Monetary Authority has issued guidelines for stablecoin issuers, which can submit applications on or before September 30.

According to Zhitong Finance, the Hong Kong Monetary Authority has released the "Regulatory Guidelines for Licensed Stablecoin Issuers" and the "Guidelines for Combating Money Laundering and Terrorist Financing" along with a summary of consultations for the two sets of guidelines, effective from August 1. The two sets of guidelines were published in the gazette on August 1. The Hong Kong Monetary Authority also issued a "Summary Explanation of the Licensing System and Application Procedures for Stablecoin Issuers" and a "Summary Explanation of Transitional Provisions for Existing Stablecoin Issuers"...

Hong Kong Monetary Authority Vice President Chen Weimin: The authorities may issue the first batch of stablecoin licenses as early as the beginning of next year.

According to Ming Pao, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, estimated that the authorities might issue the first batch of stablecoin licenses as early as the beginning of next year when discussing the timeline for stablecoin licensing. When talking about the fiat currency that will be linked to the Hong Kong version of stablecoins, Chen Weimin stated that the authorities are "relatively open"...

Wu Jiezhuang: The Hong Kong Monetary Authority will only issue a few licenses in the initial stage to avoid the emergence of a bubble.

According to a report by Hong Kong Radio, Hong Kong Electoral Commission member Ng Kit Cheung stated that since the local stablecoin regulations were passed and overseas regulatory agencies announced their guidelines, there has been speculation in the financial market, and many institutions have recently come to Hong Kong to inquire about licensing matters...

Hong Kong Monetary Authority: A 6-month transition arrangement will be set after the "Stablecoin Regulation" comes into effect.

According to the Hong Kong Radio website, the "Stablecoin Regulation" will take effect this Friday. The Hong Kong Monetary Authority stated that there will be a 6-month transition arrangement to handle institutions that already have stablecoin issuance business in Hong Kong, including issuing temporary licenses to issuers capable of complying with regulatory requirements. If the issuer fails to meet the relevant requirements within 3 months after the regulation takes effect, they must orderly cease their business in Hong Kong within 4 months after the law comes into effect...

Wu Jiezhang explained that regarding "Hong Kong compliant stablecoin holders must be real-name verified": The Monetary Authority will implement KYC rules, but the specific plan will be submitted by the stablecoin issuer.

According to a previous report by Caixin, the Hong Kong Monetary Authority will open the first batch of stablecoin issuer license applications from August 1 to September 30, 2025, and all compliant stablecoin holders in Hong Kong need to be real-name verified. Techub News contacted Hong Kong Legislative Council member Wu Jiezhuang on this matter, and he stated that the Hong Kong Monetary Authority will indeed implement KYC rules, but the specific methods of implementation have not yet been fully determined, with real-name verification being just one approach...

Hong Kong fintech group Yuan Coin Technology completes nearly $40 million in Series A2 financing.

Hong Kong fintech group RD Technologies announced today that it has successfully completed nearly $40 million in Series A2 financing. This round of financing was co-led by existing and new investors including ZA Global, China Harbour, Bright Venture, and Hivemind Capital, among others. Other investors include Sequoia China, Eternal Digital, Junshi Capital, and Guotai Junan International Private Equity Fund, etc......

Hong Kong Monetary Authority: Stablecoin issuers need to "identify and prevent" customers from using VPNs.

The Hong Kong Monetary Authority has issued regulatory guidelines for licensed stablecoin issuers under the "Stablecoin Regulation". Among the requirements, it states that licensed stablecoin issuers "must ensure that they do not issue or offer to provide the specified stablecoin in jurisdictions where the trading of the specified stablecoin is prohibited" and that "licensees should implement control measures...

Hong Kong Financial Services and the Treasury Bureau: This year will closely monitor the auditing management capabilities of emerging industry projects, including virtual asset trading companies.

According to the Hong Kong Wen Wei Po, the Hong Kong Institute of Certified Public Accountants (HKICPA) has released the "2024-25 Annual Inspection Report" and the "2024-25 Annual Investigation Report", indicating that the proportion of audited projects rated as satisfactory or requiring limited improvement has increased from 26% last year to 35%, demonstrating an overall improvement in audit quality ratings. Liu Jianru, the head of the Inspection Division of the Institute, pointed out at a press conference...

Guotai Junan International issues the first digital native bond by a Chinese securities firm, with a maximum scale of 300 million US dollars.

According to the Hong Kong Wen Wei Po, Guotai Junan International has completed its first public offering of digital native bonds issued by a Chinese securities firm, with an issuance scale of no more than 300 million USD and a term of 3 years. This issuance adopts a direct issuance structure and is denominated in USD......

The Hong Kong Stablecoin Regulation Draft has officially come into effect.

According to a report by CCTV News, the "Stablecoin Regulation Draft" officially came into effect on August 1 in Hong Kong. This is a licensing system for fiat stablecoin issuers established in Hong Kong, aimed at improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation. After the implementation of the "Stablecoin Regulation", anyone who issues fiat stablecoins in Hong Kong during the course of business, or issues fiat stablecoins claiming to be pegged to the value of the Hong Kong dollar in or outside of Hong Kong, must apply for a license from the Financial Management Commissioner. Relevant parties must comply with regulations regarding reserve asset management and redemption, among other aspects...

Huaxing Capital: is applying to expand the coverage of the Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to include digital asset business.

According to AASTOCKS, Shi Ziyuan, head of proprietary investment at Huaxing Capital, stated that "the company will essentially actively embrace Web 3.0 and the digital asset industry, continuing to empower the Hong Kong digital industry ecosystem through investment banking services, strategic funds, direct investment expertise, and high-quality resources, and apply to expand the coverage of the Hong Kong Securities and Futures Commission licenses 1, 4, and 9 to include digital asset business..."

Citibank report: The Hong Kong stablecoin market is expected to reach a scale of approximately 16 billion USD.

According to AASTOCKS, Citibank has released a stablecoin report, and the Hong Kong stablecoin regulations come into effect today, estimating the Hong Kong stablecoin market size to be around $16 billion (approximately HK$125.6 billion), with upward risks. The report points out that given Hong Kong's relatively strict regulatory framework, companies with licenses, compliance practices, and credit business plans will be in long-term competition, and it is expected that the incremental size of the Hong Kong stablecoin market will be $16 billion......

Tencent News: CITIC Group and 50 other companies rush to Hong Kong stablecoin

According to Tencent News' "Observation", over 50 enterprises or institutions have flocked to the Hong Kong Monetary Authority, the stablecoin regulatory body in Hong Kong, during this period. Most of these enterprises are involved in cross-border trade, including certain energy giants such as state-owned enterprises and CITIC Group, among others...

The RWA registration platform initiated by the Hong Kong Web3.0 Standardization Association will be launched on August 7.

According to the Science and Technology Innovation Board Daily, the Hong Kong RWA registration platform will go live on August 7, initiated by the Hong Kong Web3.0 Standardization Association, which will facilitate the entire process service system of dataization, assetization, and financialization for RWA asset tokenization.

Industry Observation

"Exclusive Interview with Hong Kong Financial Secretary Paul Chan: How to Promote Hong Kong from a 'Testbed' for Digital Assets to a Global Hub for Digital Asset Innovation through the 'LEAP' Framework"

In the process of accelerating the development of the global digital economy, Hong Kong is seizing the opportunity for the development of digital assets with a clear strategic layout. On June 26, the Special Administrative Region government published the "Hong Kong Digital Asset Development Policy Declaration 2.0" ("Policy Declaration 2.0"), reaffirming its vision to build Hong Kong into a global innovation center in the field of digital assets. Recently, the Financial Secretary of the Hong Kong SAR, Paul Chan, accepted a written interview with this publication, systematically elaborating on the core essence of the "Policy Declaration 2.0" and detailing Hong Kong's practical paths in digital asset regulation, stablecoin development, tokenization applications, and ecosystem construction, demonstrating a firm determination to promote Hong Kong as a global innovation center in the field of digital assets.

"Ethereum: A Decade of Narrative Transformation"

The narrative evolution of Ethereum over the past decade is not only a story about Ethereum itself, but also a story about how technological ideals seek a foothold in the real world.

"What Does the Nationwide Police Issuing 'Stablecoin Fraud Prevention' Mean for the Cryptocurrency Industry?"

In recent months, the Sa Sister team has clearly felt the rising popularity of concepts such as "stablecoins" and "RWA". Various brokerages have also occasionally mentioned "RWA concept stocks" in their published research reports, listing several major A-shares related to RWA. Some self-media outlets are also following the trend and speculating on them. While the Sa Sister team was researching related legal issues, they naturally came across the content of these research reports. However, to be honest, most of the content seems to have excessive conceptual speculation, and the phenomenon of some listed companies "riding the wave" is rampant. For example, a certain A-share listed company that the Sa Sister team once followed primarily engages in lottery printing, but has now become an RWA concept stock, which is quite amusing... Today, the Sa Sister team will discuss the legal risks after the speculation on RWA and stablecoins with all of you old friends...

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 1,500 units, with a total holding value of approximately 489 million USD, a decrease of about 820,000 USD in holding value; the subscription and redemption volume for Ethereum spot ETFs was 0, with a total holding value of approximately 86.45 million USD, a decrease of about 6 million USD in holding value.