香港财政司司长陈茂波就稳定币发声！ 6月15日，陈茂波在发表的名为《提速前进 扬帆稳航》的网志中表示，在《稳定币条例》生效后，香港金管局将尽快处理收到的牌照申请，以便合资格的申请人 开展其业务。 他同时透露，香港即将就数字资产的发展发表第二份政策宣言，阐述下一步的政策愿景和方向，一系列具体的措施包括让传统金融服务的优势与数字资产领域的技 术创新有更好地结合、提高数字资产在实体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资产技术的创新及应用。 承接去年上升的趋势，今年以来恒生指数累计上升了超过3800点，涨幅约20%，在全球主要指数中表现名列前茅。与此同时，截至今年5月，股市日均成交金额按 年增约1.2倍，达2420亿元；今年以来新股集资额也接近790亿元，处于全球前列，股市再融资亦超过1500亿元。 发行人须提出具体的商业理据 《稳定币条例》已于5月21日获香港立法会通过，并于5月30日正式刊宪，为法币稳定币发行人设立发牌制度，并将在8月1日生效。这已成为近期市场高度关注的 焦点。"我们注意到不少市场参与者均对此很感兴趣。"陈茂波说。 蚂蚁集团旗下的蚂蚁数科近日表示，已经启动申请香港稳定币牌照，目 ...

香港财政司司长陈茂波就稳定币发声！ 6月15日，陈茂波在发表的名为《提速前进 扬帆稳航》的网志中表示，在《稳定币条例》生效后，香港金管局将尽快处理收到的牌照申请，以便合资格的申请人 开展其业务。 他同时透露，香港即将就数字资产的发展发表第二份政策宣言，阐述下一步的政策愿景和方向，一系列具体的措施包括让传统金融服务的优势与数字资产领域的技 术创新有更好地结合、提高数字资产在实体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资产技术的创新及应用。 发行人须提出具体的商业理据 《稳定币条例》已于5月21日获香港立法会通过，并于5月30日正式刊宪，为法币稳定币发行人设立发牌制度，并将在8月1日生效。这已成为近期市场高度关注的 焦点。"我们注意到不少市场参与者均对此很感兴趣。"陈茂波说。 蚂蚁集团旗下的蚂蚁数科近日表示，已经启动申请香港稳定币牌照，目前已跟监管进行过多轮沟通。此外，蚂蚁集团旗下的蚂蚁国际也正在申请新加坡的稳定币牌 照。京东集团旗下的京东币链科技已入选香港金管局去年公布的首批"稳定币沙盒"参与者。京东币链科技CEO刘鹏近日表示，目前正积极与香港金管局及其他区域 的监管展开密切的沟通及合作，推动京 ...

Group 1 - The Hong Kong stock market and traditional asset management are experiencing steady growth, with significant developments in digital assets. The government plans to release a second policy declaration on digital asset development to outline future policy directions [1][2] - The Hang Seng Index has increased by over 3,800 points this year, representing a rise of approximately 20%, making it one of the top performers among major global indices. The average daily trading volume in the stock market has increased by about 120% year-on-year, reaching HKD 242 billion [1] - As of March this year, the number of registered funds in Hong Kong reached 976, with a net inflow of over USD 44 billion, marking a growth of 285%. Hong Kong is expected to become the largest cross-border asset management center globally within the next two to three years [1] Group 2 - Hong Kong has made significant progress in digital finance, green finance, and the offshore RMB market. Since the first policy declaration on digital asset market development at the end of 2022, the market has accelerated, with 10 virtual asset trading platforms licensed and 8 more applications being processed [2] - The government plans to introduce specific measures to better integrate traditional financial services with technological innovations in the digital asset sector, enhancing the safety and flexibility of digital assets in real economic activities [2] - The recently passed Stablecoin Ordinance will establish a licensing system for fiat-backed stablecoin issuers, effective from August 1. The global stablecoin market is estimated to be around USD 240 billion, with over USD 20 trillion in trading volume last year, indicating a growing demand for stablecoins [2]

美元/离岸人民币 金十数据6月15日讯，香港特区政府财政司司长陈茂波今日（15日）表示，香港在数字金融、绿色金融 及离岸人民币市场方面取得长足发展。自2022年年底特区政府发表首份有关数字资产市场发展的政策宣 言以来，相关市场在香港发展明显提速，并汇聚了不少相关企业到香港落户及扩展。因应最新的发展和 形势变化，特区政府即将就数字资产的发展发表第二份政策宣言，阐述下一步的政策愿景和方向，一系 列具体的措施包括让传统金融服务的优势与数字资产领域的技术创新有更好的结合、提高数字资产在实 体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资产技术的创新及应用。 （大湾区 之声） 香港将发表第二份数字资产发展政策宣言 ...

Group 1 - The core point of the articles highlights Trump's financial disclosures, revealing significant income from various luxury properties and business ventures, including approximately $57.36 million from World Liberty Financial, a cryptocurrency platform [1] - Trump's financial report for 2025 spans 234 pages, with 145 pages dedicated to stock and bond investments, indicating a diverse investment portfolio [1] - The report also details Trump's debts, including at least $15,000 in American Express credit card debt and obligations related to a defamation case involving writer E. Jean Carroll [1] Group 2 - In March 2023, Trump expressed support for the cryptocurrency market during a White House summit, indicating a shift from his previous critical stance on cryptocurrencies [2] - Trump's administration aims to provide regulatory certainty for the cryptocurrency market, following a history of opposition from the previous government [2] - The establishment of a strategic Bitcoin reserve was announced, with Trump stating that the government would not sell its holdings of 200,000 Bitcoins, although this did not meet market expectations [2] Group 3 - The shift in Trump's policy towards cryptocurrencies may be influenced by substantial political donations from the cryptocurrency industry during the 2022 election cycle, totaling over $130 million [3] - Trump's launch of a cryptocurrency named "Trump Coin" prior to his return to the White House saw its market capitalization exceed $10 billion [4]

Core Viewpoint - The article discusses the financial disclosure report submitted by former President Trump, highlighting his income sources, investments, and a shift in his stance towards cryptocurrency, indicating potential investment opportunities in the digital asset market. Group 1: Financial Disclosure Report - Trump's financial disclosure report for 2025 spans 234 pages, with 145 pages detailing stock and bond investments [3] - Major income source includes approximately $57.36 million from holding shares in World Liberty Financial, a cryptocurrency platform [3] - The report also reveals debts, including at least $15,000 in American Express credit card debt and compensation obligations related to a defamation case [4] Group 2: Cryptocurrency Involvement - Trump's family has engaged in various cryptocurrency-related projects, generating nearly $1 billion in paper profits through NFTs, Bitcoin mining, and personal cryptocurrency launches [4] - In March 2023, Trump expressed support for the development of cryptocurrencies and digital assets during a White House summit [5][6] - Trump's previous criticism of cryptocurrencies has shifted to advocacy for regulatory clarity, influenced by significant political donations from the crypto industry during the 2022 election cycle [7] Group 3: Market Impact - Trump's administration plans to establish a strategic Bitcoin reserve and will not sell the 200,000 Bitcoins held by the government, which did not meet market expectations, leading to a decline in Bitcoin prices [6] - The launch of a cryptocurrency named "Trump Coin" saw its market value exceed $10 billion prior to his return to the White House [8]

Group 1 - Circle's stock price surged from $31 to approximately $134 since its listing on June 5, representing an increase of over 400% in just over a week, with a single-day rise of 25.36% [1] - Interest in digital asset-related companies is rapidly increasing on Wall Street, with recent IPOs from eToro and Galaxy Digital, and Gemini filing for a confidential listing with the SEC [1] - Several unicorn companies in the crypto ecosystem, including OpenSea, KuCoin, Kraken, Bullish, Consensys, and Ripple, are actively planning IPOs [1] Group 2 - David Bailey, founder of Nakamoto, believes it is a golden time for crypto companies to go public due to strong performance of crypto stocks and a more favorable regulatory environment under the Trump administration [2] - The appointment of a dedicated "crypto affairs commissioner" and the establishment of a strategic Bitcoin reserve are seen as positive developments for the industry, encouraging IPO enthusiasm [2] - Morgan Stanley's market strategists noted that the improving regulatory climate supports the development of the crypto industry, benefiting IPOs and venture capital, with the number of crypto IPOs this year nearing the pace of the 2021 market frenzy [2] Group 3 - Bailey acknowledges the natural cycles of bull and bear markets in Bitcoin, stating that strong companies will survive and thrive amid volatility [3] - He suggests that sometimes significant market corrections are necessary for the industry to grow stronger [3]

Financial Data and Key Metrics Changes - The company reported a revenue decline of 35% year-over-year to $14.3 million, reflecting a strategic pivot to reduce marketing spend and focus on higher quality and margin products [29] - The net loss narrowed significantly to $2.4 million from $13.1 million a year ago, marking an improvement of over $10 million [32] - Adjusted EBITDA loss improved to $3.3 million, indicating a clear path towards sustainable profitability [32] Business Line Data and Key Metrics Changes - Personal loans increased from 15% to 17% of total revenue, insurance grew from 8% to 13%, and wealth doubled to 12%, while credit cards decreased to 57% from over 70% [30] - High-margin verticals now account for approximately 25% of total revenue, an increase of 11 percentage points year-over-year [30] Market Data and Key Metrics Changes - The company has signed strategic partnerships with two top banks in the Philippines, enhancing its product offerings and positioning as a digital customer acquisition channel [16] - The insurance segment, particularly car insurance, is experiencing significant momentum with a new end-to-end purchase journey launched in partnership with Boltec [12][13] Company Strategy and Development Direction - The company aims to achieve positive adjusted EBITDA in the latter part of 2025, targeting $100 million in revenue for the full year [8][33] - A focus on diversifying revenue streams towards higher margin verticals is central to the strategy, with an emphasis on operational efficiency and leveraging AI for cost reduction [18][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the path to profitability, highlighting improved unit economics and a leaner business model [8][33] - The company is proactively exploring opportunities in the digital asset space, aligning with its focus on expanding higher margin verticals [39][40] Other Important Information - The company ended the quarter with $36.6 million in cash and no debt, providing flexibility for growth and capital return options [33] - A broad-based RSU program was rolled out to align employee incentives with shareholder interests, fostering a culture of ownership [20] Q&A Session Summary Question: Can you talk more about the partnership with OSL and your plans for the digital asset space? - Management views the partnership as a strategic step into the digital asset space, offering enhanced user experiences and new monetization opportunities [39][40] Question: Can you discuss the margin improvement and if it will be sustainable? - The significant reduction in cost of revenue and improved revenue mix are expected to sustain margin improvements going forward [41][51] Question: What is the strategic value of the Credit Hero Club partnership with TransUnion? - The partnership enhances user engagement, approval rates, and monetization potential by providing personalized recommendations based on real-time credit data [65][66] Question: How does the company view the competitive landscape evolution in Southeast Asia? - The company anticipates consolidation trends in the market, positioning itself to capitalize on opportunities due to its strong cash position and market leadership [71][74]

Group 1 - The Hong Kong government has introduced a licensing system for digital asset trading platforms and stablecoins [1] - Regulatory arrangements for custody and over-the-counter trading are being advanced [1] - A second policy declaration regarding the development of digital assets in Hong Kong will be published this month, focusing on the integration of financial services and innovation, as well as expanding the application scenarios for digital assets [1]

Core Viewpoint - The recent CPI data showing a 2.4% year-over-year increase in May has heightened market expectations for the Federal Reserve's first interest rate cut of the year, which could significantly impact global financial markets, particularly the digital asset market [1][2]. Group 1: Federal Reserve's Policy Shift - The consensus among Federal Reserve officials indicates at least one interest rate cut is expected this year, supported by the 2.4% CPI increase, alleviating concerns about stagflation and paving the way for a loosening monetary policy [2][6]. - A shift to lower interest rates is likely to increase liquidity and reduce funding costs, making risk assets, including digital assets, more attractive to investors [2][5]. Group 2: Digital Asset Market Dynamics - Bitcoin has been fluctuating between $90,000 and $110,000 since late 2024, with mixed market sentiment driven by ETF and institutional buying pressure, alongside high interest rates and geopolitical uncertainties [3][4]. - Several key triggers are aligning, such as favorable policies in Asian markets, which could lead to a decisive upward movement in the digital asset market [4][6]. Group 3: Institutional Investment Trends - Institutions are currently focusing on defensive positions in digital assets like Bitcoin and certain staking assets due to high interest rates, but a shift to riskier, high-growth assets is anticipated once interest rates begin to decline [6][7]. - The potential for a "Davis Double" effect on the valuation of Bitcoin, Ethereum, and other major altcoins is expected as the market adjusts to a new interest rate environment [5][6]. Group 4: Market Sentiment and User Protection - The company emphasizes the importance of user experience and risk management, providing a robust protection fund and maintaining high liquidity to ensure user trust during market fluctuations [7][8]. - The macroeconomic landscape in 2025 is projected to be a pivotal turning point, with interest rate cuts signaling a shift in capital flows, market preferences, and asset revaluation, positioning digital assets as a key area of growth [7][8].