Hong Kong Web3 Weekly Highlights: Hong Kong–South Korea Web3 Policy Promotion Alliance Preparatory Committee Officially Established

Welcome to Techub News’s “Hong Kong Web3 Weekly Highlights.”

In this edition, we will help you quickly and comprehensively understand last week’s progress in Hong Kong’s Web3 space by outlining major events and developments in the Hong Kong Web3 sector from March 23 to March 29, as well as the latest data insights and detailed event previews.

Hot Updates

Hong Kong–Korea Web3 policy advocacy alliance preparatory committee officially established

The Hong Kong–Korea Web3 policy advocacy alliance preparatory committee has officially been established. The Web3 policy advocacy alliance is the first cross-regional people-to-people cooperation platform initiated jointly by lawmakers from the two places. It aims to promote coordinated development between the two sides on key issues such as digital asset regulation, stablecoin mechanisms, interoperability of blockchain infrastructure, and alignment of regulatory standards…

Hong Kong Monetary Authority may issue its first tranche of stablecoin licenses as early as March 24 to institutions including HSBC and Standard Chartered

According to a report by the South China Morning Post citing sources, HSBC and institutions including Standard Chartered are expected to become among the first companies to receive Hong Kong stablecoin licenses within two weeks…

Hong Kong Financial Services and the Treasury Bureau: Digital RMB and stablecoin pilot programs progressing steadily, with the number of wallets rising to about 80,000

In a written reply to lawmakers’ questions during today’s Legislative Council meeting, the Secretary for Financial Services and the Treasury, Mr. Eric Tso, said that the cross-border pilot application of the digital RMB in Hong Kong has continued to show positive momentum…

Futu launches the licensed virtual asset exchange “Cheetah Exchange”

The virtual asset trading platform “Cheetah Exchange,” under Futu Holdings, has already fully obtained a license to conduct business and will be fully connected with Futu Securities, the Group’s Hong Kong retail broker…

Alchemy Pay and HTF Securities receive an upgraded Hong Kong SFC Type 1 license

Crypto payments company Alchemy Pay announced that its Hong Kong strategic investment target, HTF Securities Limited, has received approval from the Hong Kong Securities and Futures Commission (SFC)…

Hong Kong Police announce progress in the JPEX诈骗 case: 80 people detained, assets frozen of about HKD 228 million

According to a report by the Hong Kong Commercial Daily, Hong Kong Police have released an update on their investigation into the JPEX fraud case involving a virtual asset trading platform. The case began investigation in September 2023, and so far has resulted in the detention of 80 people in total, with assets frozen totaling approximately HKD 228 million…

Industry Watch

Ethereum wants to rebuild itself without shutting down

Ethereum has recently released a rare roadmap. It is not a “list of upgrades” in the usual sense, but more like a system rebuild plan with a timeline, performance targets, and an engineering sequence. According to the Strawmap proposed by researcher Justin Drake, if progress goes smoothly, by 2029 Ethereum’s core components will be gradually replaced: the consensus mechanism, execution efficiency, data availability, privacy, and post-quantum cryptography—almost nothing will be retained exactly as-is.

New rules explained in detail! When mainland companies pay from overseas, it gets even harder?

On March 13, 2026, the People’s Bank of China and the State Administration of Foreign Exchange jointly issued the “Measures for the Administration of Offshore Lending by Domestic Enterprises” (Yin Fa〔2026〕No. 63, hereinafter referred to as the “Measures”). The new rules will take effect on April 20, 2026, and simultaneously abolish the three sets of old rules on offshore lending issued in 2009, 2016, and 2021. This will put an end to the previous regulatory framework that separated offshore lending supervision for RMB versus foreign currencies, marking that offshore lending business by domestic enterprises has officially entered a new stage of integrated regulation for both RMB and foreign currencies under macroprudential, unified oversight.

$10 trillion worth of entrants! After White House review, 401(k) pension plans can buy Bitcoin

The internal review body under the Office of Management and Budget (OMB) has formally announced that it has completed its review of new rules for 401(k) retirement plans issued by the U.S. Department of Labor (DOL).

Halting a $20 billion funding plan and launching the first comprehensive audit—Is Tether moving toward compliance?

Bloomberg reported that Tether has pressed the “pause button” on its $20 billion funding plan. Previously, Tether had been pursuing ambitious private placements of massive capital, targeting a valuation of as much as $500 billion, in an effort to join the ranks of top private companies such as OpenAI and SpaceX.

Data Insights

Hong Kong Bitcoin & Ethereum spot ETF inflows and outflows

According to data from ichaingo, last week Hong Kong spot Bitcoin ETFs had net subscriptions of 34.28 BTC. The total value of ETF holdings was approximately $271 million, with the holding value decreasing by about $6 million; spot Ethereum ETFs had net redemptions of 1,210 ETH. The total value of ETF holdings was approximately $66.05 million, with the holding value decreasing by about $1.74 million.