Hong Kong Web3 Weekly Highlights: The Hong Kong Securities and Futures Commission extends the time for visiting professionals to provide virtual asset services to 45 days.

Welcome to 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 space from July 14 to July 20, as well as 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 Express

Lianlian Digital plans to raise approximately HKD 394 million for the application of blockchain and other technologies in the payment field.

The Hong Kong-listed company Lianlian Digital announced the issuance of 38.4 million new H shares with a par value of RMB 1.00 per share from the company's registered capital. The placement price for each share is HKD 10.25. Assuming all placement shares are fully placed, the total amount expected from the placement is approximately HKD 394 million......

Zhaoyin International has obtained a virtual asset license in Hong Kong.

According to a report by the Securities Times, the reporter learned from China Merchants International Securities Co., Ltd. that China Merchants International officially received approval from the Hong Kong Securities and Futures Commission on July 14, becoming the first Chinese-funded bank-affiliated brokerage in Hong Kong to obtain relevant licenses for virtual asset trading services.

Greenland (Asia) Securities has been approved for an upgrade to its digital asset business license in Hong Kong.

According to news from Greenland Group, recently, Greenland (Asia) Securities, a subsidiary of Greenland Group, has been approved for the upgrade of the digital asset consulting service (VA 4) and digital asset portfolio management (VA 9) licenses issued by the Hong Kong Securities and Futures Commission. This marks a new breakthrough for Greenland in compliance operations and the digital asset field......

The subsidiary of Jieli Trading Treasure has applied for a license upgrade to provide services such as virtual asset trading.

According to Zhitong Finance, TradeGo Markets Limited, a wholly-owned subsidiary of Jieli Trading Treasure (08017.HK), has decided to submit an application to upgrade its existing Type 1 (Securities Trading) regulated activity license to the Hong Kong Securities and Futures Commission...

The Hong Kong Securities and Futures Commission has extended the time for visiting professionals to provide virtual asset services to 45 days.

According to Zhitong Finance, the Hong Kong Securities and Futures Commission has issued a circular regarding the optimization measures established to facilitate the activities of visiting professionals in Hong Kong for regulated activities or providing virtual asset services. According to the circular, the time allowed for mobile professionals to carry out regulated activities or provide virtual asset services in Hong Kong within each calendar year shall not exceed 30 days, and their licenses will be subject to a condition in this regard (existing conditions for mobile professionals)......

Victory Securities: Revenue from virtual asset-related businesses in the first half of the year increased by approximately 2000% year-on-year.

Victory Securities (Holdings) Limited has released a positive profit forecast for the period ending June 30, 2025, with the group and Victory Securities (Hong Kong) expected to achieve consolidated pre-tax profits of approximately HKD 47.04 million and approximately HKD 51.79 million, as well as consolidated net profits of approximately HKD 40.72 million and approximately HKD 45.48 million. The board stated that the financial performance of the group and Victory Securities (Hong Kong) has significantly improved during the period...

Caixin: Zhejiang wealthy businessman Qian Fenglei and his company Hengfeng International are suspected of selling multiple collective investment schemes in Hong Kong that have not been approved by the Securities Regulatory Commission.

According to Caixin reports, Zhejiang wealthy businessman Qian Fenglei, in conjunction with the stablecoin investment and financing projects of his controlled company Hengfeng International and several other companies, is suspected of selling multiple collective investment schemes not approved by the Hong Kong Securities and Futures Commission to the public in Hong Kong, resulting in thousands of people suffering financial losses...

Chairman of the Hong Kong Financial Development Council: Stablecoins are a long-term strategy and should not become a tool for short-term speculation.

According to the Hong Kong Economic Journal, as the "Stablecoin Regulation" is set to take effect on August 1, Hong Kong Financial Development Council Chairman Hong Pei 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...

Industry Observation

"A Detailed Explanation of the U.S. Congress Cryptocurrency Week: Summary of Three Major Bills, Market Trends, and Industry Perspectives"

The U.S. House Financial Services Committee announced that "Crypto Week" will begin on July 14 and end on July 18. Legislators will debate and possibly vote on three major crypto bills: the "CLARITY Act," which will define regulatory oversight of the crypto market; the "GENIUS Act," which establishes a framework for stablecoins and has been approved by the Senate; and the "Anti-CBDC Surveillance Nation Act," which will prohibit the creation of a U.S. central bank digital currency.

What do the three major bills say? How do they affect the cryptocurrency market? What are the views of industry insiders? What are the specific agenda arrangements for "Crypto Week"?

"Comparative Review of Stablecoin Legislation: Hong Kong vs. United States"

On June 17, 2025, the U.S. Senate passed the "Guiding and Establishing the National Stablecoin Innovation Act" (also known as the "Genius Act"), aimed at establishing a regulatory framework for stablecoins pegged to the dollar. The bill still needs to be passed by the House of Representatives and signed by the President to take effect.

As an international financial center, Hong Kong has actively explored and practiced in the field of stablecoins in recent years, passing the "Stablecoin Act" in May 2025, which will take effect on August 1, 2025. Comparing the regulatory legal systems of Hong Kong's stablecoins and those of the United States has important practical significance and strategic value.

"Wu's Dialogue with Hong Kong Legislator Kenneth Lau: A Detailed Explanation of Hong Kong's Cryptocurrency Regulatory Logic, Is It Too Conservative? Will It Be the Next Singapore?"

This article is an interview by Colin Wu with Hong Kong Legislative Council member Kevin Yeung. Mr. Yeung elaborates on his understanding and driving logic behind Web3 and the cryptocurrency industry, while reflecting on his personal journey from tech venture capital to supporting blockchain development. He emphasizes the importance of blockchain technology and explains the evolution of Hong Kong from a "tolerant experiment" to developing clear regulatory policies, believing that a robust regulatory strategy helps enhance market confidence and avoids short-term speculation that could harm Hong Kong's financial brand. At the same time, Mr. Yeung discusses Hong Kong's comparative advantages against regions like Singapore and Japan, arguing that Hong Kong should focus on the international market and create a center for financial product innovation. He points out that stablecoins, compliant exchanges, and on-chain financial infrastructure are key to Hong Kong's next stage of development and emphasizes that Hong Kong should maintain openness in its international positioning and leverage its complementary relationship with the mainland rather than compete. Finally, he stresses that Hong Kong's push for Web3 is not driven by short-term economic considerations, but rather aims to support the sustainable development of the industry from an institutional foundation.

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 72.73 units, with a total holding value of approximately 505 million USD, an increase in holding value of about 17.54 million USD; the net subscription volume for Ethereum spot ETFs was 920 units, with a total holding value of approximately 81.17 million USD, an increase in holding value of about 17.15 million USD.

Event Information

EX.IO RWA Theme Series Event Phase 1: RWA Selection Meeting — Seize the Next Hottest Product

The EX.IO RWA thematic series event will be held in Hong Kong on July 22 from 16:00 to 19:00. This event is organized by EXIO Group and is by invitation only for industry professionals. During the product selection meeting, there will be a Q&A session where the highlights of the RWA project, buyer concerns, Web3 innovations, and compliance considerations will be presented.

EXIO Group is a leading global digital asset fintech group dedicated to building innovative infrastructure that connects traditional finance with the digital economy. The group implements multi-dimensional compliance strategies, strictly adhering to local regulatory frameworks in major global financial centers to conduct its business.

Opportunities and Challenges for Development under Hong Kong's New Web3 Policy

The development opportunities and challenges under Hong Kong's new Web3 policy will be held on July 25 at HKU iCube, Tower 2, Exchange Square, Central, Hong Kong. This event is the second session of the Web3-themed series organized by the HKU Business School titled "Opportunities and Challenges under Hong Kong's New Web3 Policy."

In June 2025, Hong Kong released the "Digital Asset Development Policy Declaration 2.0," building Asia's first complete ecosystem that integrates regulation, assets, scenarios, and talent under the "LEAP" framework. Against this backdrop, the HKU Business School invites you to focus on the critical window period for the implementation of the new policy, addressing topics such as the global asset regulation landscape, RWA trillion-level market analysis, AI + Web3 killer applications, and exploring Hong Kong's transition from a "regulatory testing ground" to a "global on-chain asset center."