HSBC Launches Hong Kong Dollar Stablecoin RedCoin via PayMe
HSBC Hong Kong has rolled out its Hong Kong dollar stablecoin RedCoin, immediately usable through the PayMe payment app. In the coming days, users will be able to open stablecoin wallets in-app for both peer-to-peer and peer-to-merchant payments. The launch marks a significant step by a major incumbent bank into Hong Kong's regulated digital asset ecosystem, positioning HSBC ahead of the territory's pending stablecoin licensing regime.
Hong Kong Tokenization Moves from Experimentation to Implementation, Finance Chief Says
Hong Kong Secretary for Financial Services and the Treasury Christopher Hui said tokenization in the city is shifting from an experimental phase to actual implementation. He noted Hong Kong now hosts more than 1,400 fintech companies, including 8 virtual banks, 4 virtual insurers, and 12 licensed virtual asset trading platforms. Hui also said Hong Kong Exchanges and Clearing aims to launch a tokenized warehouse receipt financing pilot with designated banks next year, alongside a multi-asset tokenization platform covering commodities warehouse receipts.
Futu Securities Enables BNB Deposits and Withdrawals for Hong Kong Professional Investors
Futu Securities has opened BNB deposit and withdrawal services for qualified professional investors in Hong Kong, expanding its virtual asset offerings. Eligible clients can now move BNB between self-custodied wallets and Futu crypto accounts over the BNB Smart Chain (BEP20) network, and withdraw to verified whitelist addresses. The feature deepens integration between on-chain assets and Futu's securities trading ecosystem.
South Korea Plans Foreign Exchange Law Revision to Regulate Stablecoin Payments
The Bank of Korea and the South Korean government intend to revise the Foreign Exchange Transactions Act this year to regulate stablecoins, including their use as a payment method. In a business report submitted for a parliamentary audit, the central bank said it is consulting with the government on measures governing cross-border transactions involving virtual assets. The BOK is preparing a virtual asset monitoring system with reporting through foreign exchange data networks, responding to last year's legislative demand for a digital asset regulatory framework and globalized payment infrastructure.
LG CNS Partners with Chainlink to Build Institutional Digital Asset Solutions in Korea
Korean conglomerate LG Group's technology arm LG CNS has entered a strategic partnership with Chainlink to accelerate development of South Korea's $68 billion digital asset market. LG CNS will use Chainlink's cross-chain, data, and orchestration infrastructure to enhance its digital asset platform and create solutions for Korean institutions. LG CNS is the main builder of the Bank of Korea's flagship central bank digital currency initiative, Project Hangang.
UAE-Led Operation Confrontation Ghost Targets Cross-Border Digital Fraud Networks
The United Arab Emirates coordinated a multinational anti-fraud operation involving 30 countries, Interpol, the Global Anti-Scam Alliance, and 13 private firms including Crypto.com, Mastercard, and Meta. The "Confrontation Ghost" campaign, running from July 1 to September 30, identified over $39 billion in fraudulent funds spanning fiat and cryptocurrency. Participating jurisdictions and private sector partners are now working to recover the assets.
CoinDCX Faces Transparency Allegations Over Undisclosed $16 Million Loss
On-chain investigator ZachXBT warned users to withdraw funds from Indian exchange CoinDCX, accusing its co-founders of initially denying an asset theft before later disclosing a roughly $16 million loss. Onchain Lens separately reported that user deposits flowed into an undisclosed wallet with near-equal amounts subsequently moved out through unusual bridging services and mixers. ZachXBT also criticized other Indian centralized exchanges including WazirX and BitBNS, compounding concerns about operational transparency in India's exchange sector.
Hong Kong SFC Flags BTCC as a Suspicious Virtual Asset Trading Platform
The Hong Kong Securities and Futures Commission has added BTCC to its list of suspicious virtual asset trading platforms. The SFC said the platform is operated by Polish company BTCC Poland Limited, does not hold a Hong Kong license, and is suspected of conducting unlicensed activities in the territory. The warning adds to the SFC's ongoing efforts to distinguish licensed venues from unregulated operators targeting Hong Kong users.
Hunan Police Dismantle Crypto-Theft Ring Using Malicious Links in Chat Groups
Authorities in Xiangtan County, Hunan Province have arrested three suspects for stealing cryptocurrency through malicious links distributed in QQ and WeChat virtual currency chat groups. The investigation began after a victim reported losing 6,814 yuan worth of USDT after clicking an unfamiliar link. Since August, the suspects allegedly obtained malware links through Telegram and targeted crypto discussion groups to drain victims' wallets.
Lianxiang-Linked Capital Joins DeepSeek's Latest Funding Round
DeepSeek's new funding round has drawn multiple industrial and financial investors, including Legend Capital, semiconductor-focused Shixi Capital, and Geely. Legend Capital belongs to the Legend Holdings ecosystem alongside Lenovo Group, marking the formal entry of Lianxiang-linked capital into DeepSeek's shareholder base. DeepSeek has also hired CITIC Securities as its IPO advisor and brought in a new chief financial officer in September. Separately, Chinese authorities confirmed DeepSeek and MiniMax have completed registration procedures under the revised technology export control catalog, signaling the rules aim to define boundaries rather than broadly restrict AI exports.
