Welcome to read Techub News's 'Hong Kong Web3 Weekly Highlights'. In this issue of the weekly report, we will summarize major events and developments in the Hong Kong Web3 field from November 18 to November 24, 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
On November 18, the net subscription volume of Bitcoin spot ETF in Hong Kong was 238.68 coins, the largest single-day net subscription volume since August 23.
According to SoSoValue data, on November 18, the net subscription volume of Bitcoin spot ETF in Hong Kong was 238.68 coins, the largest single-day net subscription volume since August 23...
Huaxia Fund and Franklin Templeton are conducting tokenization of money market funds with OSL.
According to reports, Huaxia Fund and Franklin Templeton are collaborating with the licensed cryptocurrency trading platform OSL in Hong Kong for the tokenization of money market funds...
The digital asset financial services company Galaxy has expanded its business to Hong Kong.
The digital asset financial services company Galaxy has expanded its business to Hong Kong, providing services for institutional clients in the Asian digital asset field and introducing Galaxy's solutions to the region...
Hong Kong Legislative Council member Yan Gang suggested combining the development of virtual asset indices with Hong Kong dollar stablecoins.
According to Dagong Wenhui Network, the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee held a meeting on November 19 to discuss promoting the application of blockchain technology and the development of Web3...
OSL Group appoints Huang Guanwen as Chief Financial Officer
According to Gelonghui reports, Hong Kong listed company OSL Group announced that Hu Zhenbang has resigned from the position of Chief Financial Officer of the Group, effective November 15. Meanwhile, the former Chief Investment Officer of the Group, Huang Guanwen, has been appointed as the Chief Financial Officer of the Group, effective November 15.
Survey: About one-third of Hong Kong private wealth management institutions expect a virtual asset allocation ratio of 6-10% within five years.
According to Financial界 reports, the Hong Kong Private Wealth Management Association released a survey showing that most private wealth management companies take a wait-and-see attitude towards virtual assets. However, in recent years, the trading volume of cryptocurrencies in Hong Kong has surged, coupled with the gradual improvement of the regulatory system, about one-third of wealth management institutions expect within five years...
Industry Observations
(a16z 2024 Crypto Industry Report: From Regulatory Breakthroughs to Infrastructure Upgrades, 7 Key Trends Interpreting the New Era of Crypto)
Two years ago, when we released our first annual (cryptocurrency status report), the world was very different from now. At that time, cryptocurrencies were not prioritized by policymakers. Exchange-traded products (ETPs) for Bitcoin and Ethereum had not yet received SEC approval, and Ethereum had not transitioned to a more energy-efficient proof of stake. Layer 2 (L2) networks aimed at increasing capacity and reducing transaction costs were essentially inactive, and the transaction fees on them were far higher than now.
Now, the situation has changed, as shown in our newly released 2024 (cryptocurrency status report). Our report covers the rise of cryptocurrencies as a hot policy topic, numerous technological improvements in blockchain networks, and the latest trends among cryptocurrency builders and users.
(Shanghai High Court: Holding virtual currency is not illegal, but issuing tokens is illegal)
The concept of virtual currency was proposed in the first decade of this century. Under the enthusiasm of many 'gold rushers', its value has been significantly inflated several times. Some issuers and investors of virtual currency have consequently made substantial profits.
However, is it legal to conduct operations such as virtual currency issuance? Is it safe to participate in virtual currency investment activities?
Recently, the People's Court of Songjiang District, Shanghai (hereinafter referred to as Songjiang District People's Court) ruled on a service contract dispute case arising from the validity of virtual currency issuance financing service contracts.
(An article explaining why Web3 enterprises need EU MiCA and Dubai VARA licenses)
Trump's election, Bitcoin's new highs... At the end of 2024, the crypto asset industry is welcoming a new wave of positive signals. While the industry continues to develop, various countries are also continuously introducing corresponding regulatory measures, among which the most striking is the 'license'.
What is a license? In short, a 'license' is a 'passport' for Web3 enterprises to engage in cryptocurrency business, allowing Web3 enterprises to legally and safely carry out cryptocurrency-related activities while establishing trust with investors and regulators.
This article will delve into the compliance frameworks of MiCA and VARA, explaining why for Web3 companies wishing to thrive in regulated markets, holding a license is not just an option but a necessity. Understanding this area is crucial for any company or investor hoping to succeed in the next chapter of the crypto industry.
(DEXX hacker incident in-depth analysis: responsibilities and compliance suggestions for project parties and KOLs)
In recent days, the DEXX incident has become a hot topic in the crypto circle. Many friends have sent messages to ask me, as a lawyer, how I view this incident, especially regarding whether the project parties and those KOLs who helped promote it need to bear legal responsibility in the case of user asset theft. In this article, we will outline the ins and outs of this incident and share my personal legal views.
(US SEC Chairman Gary Gensler announced his resignation, will the crypto industry usher in four years of smooth sailing?)
On November 22 at dawn, while the Asian time zone was quiet, American media broke multiple pieces of good news for the crypto industry, further boosting the already hot market - the price of SOL approached historical highs, and Bitcoin began to challenge the 100,000 USD mark.
Data Insights
Flow of Bitcoin & Ethereum spot ETF in and out in Hong Kong
According to SoSoValue data statistics, the net subscription volume of Bitcoin spot ETF in Hong Kong last week was approximately 178.23 coins, with a total holding value of about 457 million USD, an increase of approximately 67 million USD in holding value; the net subscription and net redemption volume of Ethereum spot ETF was 0, with a total holding value of about 51.4 million USD, an increase of about 3.73 million USD in holding value.
Event Information
Digital Asset Management Solutions Day | Web3
Digital Asset Management Solutions Day | Web3 will be held on November 27 in Hong Kong, hosted by HashKey Cloud, Google Cloud, and Cobo. Industry professionals will be invited to share digital asset management solutions, with guests including:
Leon Li, Google Cloud Customer Solutions Architect Kyle Song, Google Cloud Web3 Customer Engineer Ken Zhang, Google Cloud Security Director, Customer Solutions Architect
Kathy Qu, Research Director of HashKey Cloud
Lucas Yang, Head of Solutions at Cobo
Web3 Connect
Web3 Connect will be held on November 28 from 16:00 to 17:30 at Hong Kong Cyberport. The event will invite industry professionals to discuss (the future of asset standards: tokenization framework), with guests including:
Huang Wanling, Founder and CEO of IX Capital International Limited
William GEE, Member of the IX Asia Tokenization Advisory Committee
Mr. Sam Lee, Founder and CEO of Coinstreet
