1. Insider: JD.com and Ant Group may be difficult to appear on the first batch of Hong Kong stablecoin license list.

According to reports from Caixin, sources close to applicants for Hong Kong's stablecoin licenses say that as regulatory details are finalized, the enthusiasm for stablecoins in Hong Kong will diminish, especially for non-financial institution applicants whose main application scenario is cross-border payments. These applicants may actively choose to withdraw from participation in the early stages due to the difficulty of meeting the regulatory requirement of "verifying the identity of every token holder." This also means that early favorites such as internet platforms like JD.com and Ant Group may find it difficult to appear on the first batch of license lists. In addition, CITIC Group has partnered with several institutions through its Hong Kong subsidiary, Cinda International, with the intention of applying for the first batch of stablecoin licenses. Industry insiders state that Bank of China Hong Kong is one of the three major note-issuing banks in Hong Kong, and if it issues stablecoins, it will have inherent advantages that can also reassure regulators from both regions.
2. Hong Kong Monetary Authority Chief Executive Eddie Yue: The momentum of growth in Hong Kong's digital asset sector will continue.
The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, stated that by mid-July 2025, 22 banks will be authorized to sell digital asset-related products, 13 banks will be authorized to sell tokenized securities, and five banks will be authorized to provide digital asset custody services. In the first half of 2025, the total transaction volume of bank digital asset-related products and tokenized assets reached HKD 26.1 billion, an increase of 233% compared to the same period last year, and has already surpassed the total transaction volume for the entire last year. Several asset management companies have also announced plans to launch tokenized products, and with the government's active promotion of tokenized bond issuance, it is believed that Hong Kong's growth momentum in the digital asset sector will continue, bringing new impetus to the development of wealth management business in Hong Kong.
3. Hong Kong Monetary Authority: Beware of fraudulent licensed stablecoin scams, and holders of unregulated stablecoins must bear the risks themselves.
The Hong Kong Monetary Authority (HKMA) has officially issued a safety reminder to be vigilant against fraudulent licensed stablecoin schemes. The Hong Kong "Stablecoin Regulation" has come into effect, and the regulatory framework for stablecoin issuers has also begun implementation. The regulatory system is still in its early stages, and the regulatory approach will adopt a policy of "strict first, then steady." The HKMA specifically reminds market participants to act cautiously when communicating with the public, to avoid statements that may cause misunderstandings or create unrealistic expectations. Making false claims of being a licensed entity or applicant is illegal. Citizens holding unregulated stablecoins must bear the risks themselves.
4. Caixin: Hong Kong may narrow the scope of its first batch of stablecoin licenses to three or four companies.
According to a report by Caixin, Hong Kong may narrow the scope of its first batch of stablecoin licenses to three to four companies. The Hong Kong Monetary Authority (HKMA) has realized during its communication with the People’s Bank of China that the main regulatory responsibilities and risks are concentrated in the HKMA under the framework of the regulatory memorandum. Several Chinese banks with branches in Hong Kong and Chinese securities firms with branches in Hong Kong are eager to participate in compliant stablecoin businesses, including Bank of China (Hong Kong), Bank of Communications (Hong Kong), China Construction Bank (Asia), Sinopac Securities International, and Guotai Junan International, involving stablecoin issuance, custody, and other services. In addition, an insider mentioned in an interview related to stablecoins that there is currently no globally influential public chain in our country. Another insider suggested that the construction of a national-level backbone public chain should be led by state-owned enterprises, while the construction of industry-level public chains could be open to market competition.
5. JPMorgan: Last month, Bitcoin mining profits reached their highest level since the halving.
According to a report by CoinDesk, a research report released by JPMorgan Chase (JPM) on Friday shows that Bitcoin miners had a strong performance in July, with profit levels reaching the highest point since the last halving event. In July, Bitcoin miners earned an average daily income of $57,400 per EH/s through block rewards, a 4% increase from June, marking the highest level since the halving; however, daily income and gross profits per EH/S are still 43% and 50% lower than pre-halving levels, respectively. After a decline in the average monthly network hash rate in June due to rising temperatures, it increased by 4% in July to reach 899 EH/s. At the end of last month, mining difficulty increased by 9%, which is 48% higher than before the last halving event. Among the thirteen U.S.-listed miners tracked by the bank, ten performed better than Bitcoin in July. In terms of stock performance, Argo Blockchain (ARBK) performed exceptionally well, rising 66%, while Core Scientific (CORZ) performed poorly, falling 21%.
6. Analysis: August and September are usually the months when BTC shows weaker performance throughout the year, possibly due to the weakening of policy catalysts leading into a consolidation period.
Matrixport's latest research report points out that the core catalyst for the new round of Bitcoin price increase is becoming apparent. Despite the frequent positive news related to Ethereum, including enhanced ETF capital flows, increased corporate allocations, and the SEC potentially allowing staking mechanisms, the funding rate has only risen to 15%, which does not fully reflect the market heat. The report suggests that August and September are typically weaker months for Bitcoin's annual performance, and with the FOMC meeting concluded and policy catalysts diminishing, considering the next FOMC meeting is not until September 17, there is a lack of new policy catalysts in the short term, and market sentiment may turn cautious, potentially entering a consolidation phase. In addition, Matrixport points out that the uncertainty in U.S. fiscal policy has always been a core driving force behind the rise of hard assets. Recently, Trump's proposed $5 trillion debt ceiling expansion plan has significantly impacted the market, with the U.S. Treasury balance surging over 10% after the policy was implemented. Bitcoin is at the forefront of this macro change, and capital flow remains a key clue in assessing its upward potential.
7. Ripple: Banks have invested more than $100 billion in blockchain infrastructure since 2020.
According to a report by CoinDesk, Ripple, CB Insights, and the UK's CBT, digital assets are becoming mainstream, with traditional banks investing over $100 billion in blockchain since 2020. Despite regulatory uncertainties and market volatility, major banks are increasing investments in custody, tokenization, and payment infrastructure. The report also found that 90% of surveyed financial leaders believe these technologies will have a significant or substantial impact on finance in the next three years. From 2020 to 2024, traditional financial institutions globally participated in 345 blockchain transactions. Payment-related infrastructure accounted for the largest share, followed by cryptocurrency custody, tokenization, and on-chain foreign exchange transactions. About 25% of investments were concentrated in infrastructure providers supporting blockchain settlement and asset issuance.
8. Analyst: The U.S. cryptocurrency ETF raised $12.8 billion in July, setting a new historical record.
Bloomberg ETF analyst Eric Balchunas stated on the X platform that in July, U.S. cryptocurrency ETFs attracted $12.8 billion, setting a historical record for the best single month, with an influx of funds at a rate of $600 million per day, about twice the average level. Overall, its inflow exceeded that of any single ETF, even the strong VOO struggled to match it. Furthermore, every ETF in this category (excluding converted trusts) experienced inflows, with Bitcoin and Ethereum contributing equally.
9. Beijing explores the disposal mechanism for virtual currencies involved in cases, entrusting the Beijing Stock Exchange and publicly liquidating and selling through a licensed exchange in Hong Kong.
According to the China Economic Net, since the strict prohibition of virtual currency trading in our country in 2021, how to deal with the involved virtual currencies has become a major issue. The Beijing Municipal Public Security Bureau's Legal Affairs Division has collaborated with the Beijing Property Exchange to create a cooperative mechanism for the disposal of involved virtual currencies. The main process is as follows: public security agencies entrust the physical involved virtual currencies to the Beijing Property Exchange for disposal, which selects professional service institutions to conduct detection, reception, transfer, and other operations on the involved virtual currencies, and publicly liquidates and sells them through a compliant licensed exchange in Hong Kong, with the proceeds transferred into a special account for involved funds of the public security agency. Subsequently, the funds are confiscated and turned over to the national treasury or returned to the victims according to the law.
According to the process design, the multi-department collaboration established through the protocol can ensure the orderly completion of the transfer, inquiry, trading, settlement, and accounting of virtual currencies. After multiple verifications, all preparations have been completed. On March 29, the Legal Affairs General Team guided the Shunyi Branch to sign the "Virtual Currency Disposal Business Agreement" with the Beijing Stock Exchange.
10. The UK FCA will open retail channels for cryptocurrency ETNs on October 8.
According to the official website, the Financial Conduct Authority (FCA) of the UK has announced the opening of retail channels for cryptocurrency exchange-traded notes (ETN), stating that companies will soon be able to allow retail investors to access cryptocurrency ETNs. The cryptocurrency ETNs that retail investors can trade must be traded on UK investment exchanges approved by the FCA. The FCA added that the ban on retail access to crypto asset derivatives will remain in effect, and it will continue to monitor market developments and consider how to handle high-risk investments. This change will take effect on October 8, 2025.
11. Retail investors in the UK will be able to purchase cryptocurrency exchange-traded notes in October.
According to the new regulations set to take effect on October 8 by the UK's Financial Conduct Authority (FCA), retail investors in the UK will soon be able to purchase cryptocurrency exchange-traded notes (cETN). cETNs must be listed on UK trading platforms approved by the FCA and comply with financial promotion and consumer duty rules. While retail users are allowed to use cETNs, they will not be protected by the Financial Services Compensation Scheme. The UK's Financial Conduct Authority previously banned retail investors from accessing crypto ETNs in 2021, citing concerns over investor protection.
12. Michael Saylor: In the short term, Bitcoin is a trading asset; in the long term, it is a treasury asset.
Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), posted on the X platform stating: In the short term, Bitcoin is a trading asset. But in the long term, it will become a treasury asset. Bitcoin is a swarm of network bumblebees serving the goddess of wisdom, feeding on the fire of truth, growing exponentially behind the walls of cryptographic energy, becoming smarter, faster, and stronger.
13. Insiders: Our country currently lacks a globally influential public chain, and it is recommended that state-owned enterprises lead the construction of a national public chain.
According to a report by Caixin, an insider stated in an interview regarding stablecoins that our country currently does not have a globally influential public blockchain. Another insider suggested that the construction of a national-level backbone public blockchain should be led by central state-owned enterprises, while the construction of industry-level public blockchains could be open to market competition. One insider mentioned: Public blockchains are the infrastructure for issuing stablecoins and are of great significance and indispensable for us to build a self-controlled, secure, and efficient financial infrastructure system in the era of digital finance.
A person familiar with the policy stated: Stablecoins must be issued on public blockchains, and the current issue is that neither Hong Kong nor the mainland has a globally influential public blockchain. If we use American public blockchains, we may face political risks such as Sino-US confrontation in the future, which could lead to being "choked off." The next step is to strengthen investment in public blockchains (i.e., public chains) that are autonomous and controllable, and to build in layers. For example, the national-level main public blockchain should be led by central state-owned enterprises, industry-level public blockchain construction can open to market competition, and scenario-level public blockchain construction should be entirely market competition. Another insider suggested.