Group 1: Core Insights - The core focus of policy design and regulatory practice in relevant fields should be on building a next-generation financial infrastructure based on blockchain to enhance the quality and efficiency of financial services for the real economy and international competitiveness [1][2] Group 2: Digital Asset Market Expansion - The total market capitalization of crypto assets reached approximately $3.92 trillion as of July 19, 2023, a 42% increase from $2.76 trillion at the end of Q1 2025 [3] - Bitcoin's market capitalization is 59.85%, with a closing price of $117,900 on July 19, 2023, up 42.89% from $82,500 at the end of Q1 2025 [3] Group 3: Stablecoin Market Growth - The total market capitalization of stablecoins reached $267.7 billion as of July 20, 2023, a 14% increase from the end of Q1 2025 [6] - USD stablecoins account for $263.4 billion, representing 98.4% of the market, while the market for RMB stablecoins is only $2.65 million [6] Group 4: Real World Assets (RWA) Market Growth - The RWA market reached a total market capitalization of $25.56 billion as of July 18, 2023, a 26.85% increase from $20.15 billion at the end of Q1 2025 [7] Group 5: Regulatory Framework Developments - The U.S. House of Representatives passed three key bills related to digital assets during the week of July 14-18, 2023, including the "GENIUS Act" for stablecoin regulation and the "CLARITY Act" for other crypto assets [11] - The "GENIUS Act" has been signed into law, clarifying the regulatory framework for digital assets in the U.S. [11] Group 6: International Regulatory Comparisons - The regulatory approaches to stablecoins in the U.S., EU, and Hong Kong show similarities, focusing on full reserve backing and issuer qualifications [12] - The U.S. "GENIUS Act" aims to strengthen the dominance of the U.S. dollar, while the EU and Hong Kong regulations prioritize monetary sovereignty and systemic risk prevention [13] Group 7: Risk and Volatility Characteristics of Crypto Assets - Bitcoin exhibits significant correlation with U.S. stock markets, maintaining a correlation coefficient between 40% and 60%, indicating its risk asset characteristics [22] - The relationship between Bitcoin and Ethereum shows low correlation with traditional commodities, suggesting unique volatility traits in the crypto market [24][28]

8月1日，香港《稳定币条例》正式生效，香港金管局设置6个月过渡期，并预计将于明年年初发出首个 稳定币发行人牌照。条例为稳定币在香港的落地与推广建立了法律基石和监管框架，香港数字资产行业 将迎来更清晰、可预期的发展环境。华兴资本自营投资负责人史梓渊认为，通过数字资产宣言2.0、 《稳定币条例》和发牌指引，香港不断为数字资产行业的健康发展注入信心与活力。稳定币的合法合规 化，有助于吸引更多主流机构、优质资本和创新企业入场，推动香港数字资产行业金融生态的建设发展 与成熟壮大。 此前，华兴资本成功投资了Circle Internet Group，并为众多数字资产头部企业完成了上市及多轮融资相 关服务。2025年6月，华兴资本控股公布，经董事会决议，在稳固华兴资本现有业务的同时，正式进军 Web3.0和数字资产领域，并批准总额为1亿美元的预算。该项决议标志着华兴资本Web3.0和数字资产领 域的第一步，旨在回应香港政府近年来推出的一系列支持Web3.0及数字资产产业发展的积极政策，以 引领创新科技领域的发展。华兴资本认为，Web3.0及数字资产具有巨大的未来发展潜力，符合全球金 融和商业发展的趋势。 ...

Economic Performance - Hong Kong's economy shows resilience in the first half of 2025, supported by strong export performance and improved local demand [1][2] - The GDP in Q2 2025 increased by 3.1% year-on-year, marking the tenth consecutive quarter of growth [1] - Private consumption expenditure rebounded with a 1.9% increase year-on-year after four consecutive quarters of decline [1] Retail Sector - Retail sales value in June 2025 was estimated at HKD 30.1 billion, a year-on-year increase of 0.7% [2] - Seasonally adjusted retail sales value in Q2 2025 rose by 0.3% compared to Q1 2025, while retail sales volume increased by 2.7% [2] - The retail sector is stabilizing, supported by rising employment income and a positive stock market [2] Trade and Exports - Total merchandise exports grew by 11.5% year-on-year, accelerating from 8.4% in Q1 2025 [1][3] - Merchandise imports also increased by 12.7%, higher than the 7.2% growth in Q1 2025 [1] Financial Market - The Hong Kong stock market saw significant activity with 42 IPOs raising over HKD 107 billion in the first half of 2025, a 22% increase compared to the previous year [3] - The Hang Seng Index rose by 20% in the first half of 2025, marking the largest half-year increase in history [3] Government Initiatives - The Hong Kong government is implementing measures to boost consumption, attract investment, and diversify markets to support economic growth [2][4] - New initiatives include the "New Industrial Acceleration Program" and "New Industrialization Subsidy Program" to support strategic industries [3][4] - The government is also consulting on legislation for digital asset trading and custody services to promote the digital asset market [4]

Regulatory Framework - The Hong Kong Monetary Authority (HKMA) released four key documents regarding the regulatory framework for stablecoin issuers, effective from August 1, 2025[5][6] - The documents include guidelines on licensed stablecoin issuers, anti-money laundering (AML) measures, licensing procedures, and transitional provisions for existing issuers[6][11] Licensing and Transitional Arrangements - A six-month transitional period is provided for existing fiat stablecoin issuers to continue operations while applying for a license[11] - Issuers must submit a license application and receive written confirmation from the Financial Commissioner to operate during the transitional period[11] - If they fail to meet the requirements, they must cease operations by December 31[11] Industry Feedback and Support - The consultation process for the guidelines received 28 responses, with most participants supporting the proposed regulations to manage risks associated with stablecoin issuance[6][7] - The AML guidelines received 38 responses, highlighting the need for a robust legal and regulatory framework to combat inherent risks in the stablecoin industry[7] Asset Management and Risk Control - HKMA has established strict requirements for reserve asset management, including types, proportions, liquidity, and custody to ensure stablecoin value support[13] - Issuers are required to implement comprehensive risk management mechanisms to address market, credit, and operational risks[15] Governance and Compliance - Detailed regulations are set for corporate governance, including organizational structure, decision-making processes, and internal supervision to ensure transparent operations[15] - Issuers must establish effective customer identification, transaction monitoring, and reporting mechanisms to prevent money laundering and terrorist financing[15]

另外，化币化方面，港府已在2025至26年度的《财政预算案》中宣布将代币化债券发行恒常化，而香港 金管局目前正为第三次发行作准备。 智通财经APP获悉，香港财经库局局长许正宇7月31日回应立法会议员提问表示，香港证监会正就数字 资产交易服务提供者和数字资产托管服务提供者发牌制度咨询公众，以尽快订定立法建议。在有关立法 工作完成后，香港的监管框架将全面涵盖数字资产行业的主要节点，平衡风险管理和投资者保障，同时 为市场发展和金融创新提供有利条件。 许正宇亦称，《稳定币条例》将于8月1日生效。截至7月初，香港证监会已正式发牌予11个来自本地和 海外的数字资产交易平台，并正处理另外9个牌照申请，申请所需时间受多项因素影响而有所不同，例 如申请人所提供的资料是否完备；申请人提供的证明文件是否齐全；及在证监会的评核过程中，申请人 就提供任何进一步资料而作出回应的所需时间等。 ...

Core Viewpoint - Bitcoin is viewed as a hedge against currency devaluation, with potential market reactions to Federal Reserve's monetary policy shifts [1] Group 1 - Matthew Sigel, head of digital asset research at VanEck, states that Bitcoin serves as a tool to hedge against currency devaluation [1] - Joel Kruger, market strategist at LMAX Group, emphasizes that all eyes will be on the upcoming cryptocurrency policy report from the Federal Reserve and the White House [1] - Any dovish comments from the Federal Reserve or hints from the White House about strategically purchasing Bitcoin reserves could quickly reverse Bitcoin's recent weakness [1]

Core Viewpoint - The regulatory framework for stablecoin issuance in Hong Kong has been established, detailing applicant qualifications, application processes, reserve asset requirements, anti-money laundering measures, and transitional provisions for existing issuers [1][2][3]. Group 1: Regulatory Framework - The Hong Kong Monetary Authority (HKMA) held a technical briefing on July 29, 2025, to announce the regulatory documents related to stablecoin issuance, which took effect on August 1, 2025 [2]. - The released documents include four main components: guidelines for licensed stablecoin issuers, anti-money laundering and counter-terrorist financing guidelines, a summary of the licensing system for stablecoin issuers, and transitional provisions for existing issuers [2][3]. Group 2: Applicant Qualifications and Process - Applicants must be registered corporations or recognized institutions in Hong Kong, with financial resources of at least HKD 25 million in paid-up capital or convertible currency [3]. - The application process involves several steps: initial consultation with the HKMA, consultation with the applicant's home regulatory authority, submission of the application, processing, and final approval or rejection [3]. Group 3: Reserve Asset Requirements - Licensed issuers are required to establish policies ensuring that reserve assets fully back the stablecoins, which can include cash, short-term bank deposits, and high-liquidity bonds [3]. - If other currencies are used as reserve assets, prior written approval from the HKMA is necessary [3]. Group 4: Anti-Money Laundering Measures - Issuers must continuously monitor transactions involving customer wallets, including both custodial and non-custodial wallets, and implement additional risk controls for non-custodial wallet transactions to prevent money laundering and terrorist financing risks [3]. Group 5: Transitional Provisions - Existing issuers interested in applying for a license must submit their applications by October 31, 2025 [3]. Group 6: Industry Impact - The issuance of stablecoin licenses is expected to benefit the stablecoin industry, particularly companies with relevant applications such as cross-border payments [4][5]. - The HKMA's president indicated that initially, only a few licenses would be granted, prioritizing companies with applicable use cases [4].

金十数据7月30日讯，美国总统特朗普设立的数字资产市场政策工作组于周三发布报告，呼吁联邦监管 机构利用现有权限，为数字资产交易制定更明确的规则，并简化新型金融产品的推广流程。白宫在简报 中表示："通过落实这些建议，政策制定者可以确保美国引领区块链革命，迎来加密黄金时代。"该工作 组是根据特朗普今年1月签署的行政命令设立的。报告涵盖了数字资产领域的多个议题，包括呼吁国会 通过《数字资产市场明确法案》，以弥补监管空白，授权商品期货交易委员会监管"非证券类数字资产 的现货市场"，以及支持去中心化金融技术的发展。 特朗普加密资产小组公布数字金融促发展建议 ...

Group 1 - The core viewpoint is that Yisou Technology and Greenland Jinchuang have formed a strategic partnership to enter the trillion-level RWA (Real World Assets) market through the digitalization of cultural IP [3] - The partnership involves the establishment of the Novus Infusion platform, which will create a management channel for RWA issuance and will expand into diverse asset fields such as real estate and carbon credits in the future [1] - Greenland Jinchuang holds digital asset licenses from the Hong Kong Securities and Futures Commission, providing strong compliance backing and underlying asset support for the projects [3]

Core Viewpoint - The company Guofu Quantum (00290) has made a strategic investment in Rtree Tech Service Co., Limited to strengthen its position in the Real World Assets (RWA) sector and enhance its digital asset ecosystem [1][10]. Group 1: RWA and Rtree's Role - RWA refers to the tokenization of traditional assets (such as bonds, real estate, and commodities) through blockchain technology, which enhances liquidity, reduces transaction costs, increases transparency, and expands asset categories [3]. - Rtree is positioned as a rapidly growing RWA technology company focused on the tokenization of real-world assets, providing a solid technological foundation for Guofu Quantum's RWA business [3][4]. - Rtree has already launched RWA services such as art collateral lending and on-chain fixed-income bonds, with plans to expand into various asset classes including gold, stocks, ETFs, and futures [4]. Group 2: Strategic Dual-Track Approach - Guofu Quantum's board believes that RWA and stablecoins represent breakthrough directions for the scalability of fintech, with significant potential to reshape asset value [5]. - The company has previously gained market attention by strategically investing in Yuan Coin Technology, which became one of the first participants in the Hong Kong Monetary Authority's stablecoin sandbox [5]. - Guofu Quantum plans to tokenize high-value assets such as art, trade receivables, and letters of credit to improve liquidity ratios and enhance capital returns [6]. Group 3: Compliance and Licensing Advantages - Guofu Quantum possesses a comprehensive licensing matrix, including licenses from the Hong Kong Securities and Futures Commission, which supports its digital asset business [8]. - The company aims to leverage RWA to merge traditional and new financial assets, facilitating the activation of traditional wealth into the new financial ecosystem [9]. - The investment in Rtree and the focus on RWA are seen as strategic moves to capitalize on current market trends while preparing for future opportunities in quantum technology [10].