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The Solana price surged 1.6% in the last 24 hours to trade at $187 as of 3:30 a.m. on an 11% fall in trading volume to $7.13 billion. This surge comes on the heels of news that Hong Kong has become the first place in the world to approve a spot Solana ETF, beating out the US as its approvals are slowed by the government shutdown.​ 🚨 JUST IN: 🇭🇰 Hong Kong has officially approved the first-ever $SOL Spot ETF by ChinaAMC! Solana just joined the big leagues — institutional money is coming 🟣🔥#Solana #Crypto #ETF pic.twitter.com/y7CUN32aJW — SMC KAPIL DEV (@smckapildev) October 22, 2025 The approval is a major milestone for the Solana community. The new ETF, managed by ChinaAMC, will begin trading on the Hong Kong Stock Exchange on October 27. Investors will be able to buy shares in the ETF using USD, Chinese yuan, or Hong Kong dollars. With regulators in the US still reviewing similar products, this decision positions Hong ...

A prominent stablecoin depegged from the US dollar Wednesday morning after it was alleged that its Hong Kong-based issuer was bankrupt In a new thread on the social media platform X, crypto billionaire and Tron (TRX) founder Justin Sun urged his followers to “take immediate action” to protect any assets they held in FDUSD, a stablecoin managed by First Digital Trust (FDT). Sun also called for regulators to step in and take action to prevent further losses and save Hong Kong’s reputation as a financial power. “First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets. There are significant loopholes in both the trust licensing process in Hong Kong and the internal risk management of its financial system. I urge regulators and law enforcement to take swift action to address these issues and prevent further major losses. Hong ...

Chinese public game developer Linekong Interactive plans to purchase $6 million in Bitcoin and Ethereum. In a regulatory filing with the Stock Exchange of Hong Kong on Jan. 21, Linekong Interactive proposed a revision of its previously approved transaction to buy up to $5 million in Bitcoin (BTC) and Ethereum (ETH). Now, the Hong Kong-based game developer wants to increase that cap to $6 million, citing the rapid rise in crypto prices. “The company believes these revisions would provide flexibility to the board in capturing fleeting opportunities in the highly volatile crypto currency market.” Linekong Interactive You might also like: China crypto bans: a complete history Once the company gets approval from its shareholders, it will need to re-comply with relevant provisions, including reporting, announcement, circular, and independent shareholders’ approval requirements, the filing reads. A circular, containing details of the proposal, is expected to...

Hong Kong authorities have proposed accepting and regulating fiat-pegged stablecoins (FRS). According to the document, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will allow retail investors to purchase stablecoins , but note that their issuers must obtain a special local HKMA license. To obtain a license, companies must fully support all stablecoins in circulation with reserves equal to the face value, segregation and custody of reserve assets, disclosure, and regular reporting. They will also need to open an office in Hong Kong with a CEO, senior management team, and key personnel. However, Algorithmic Stablecoin Issuers will not be able to obtain a license. “Implementing law enforcement and enforcement arrangements can properly manage the actual and potential risks associated with developing stablecoins in Hong Kong and be consistent with international standards.” Hui Ching, Director of the Treasury Bureau In...

In a post made Nov. 23 on LinkedIn, David Friedland, the Managing Director of the Asia Pacific region for Interactive Brokers, shares an early announcement of a Hong Kong license approval. The license is said to allow retail clients to trade Bitcoin (BTC) and Ethereum (ETH). A surge in activity The recent announcement from Victory Securities coincides with a rush in crypto industry activity in Hong Kong, which has emerged as a focal point for crypto-related endeavors, attracting numerous companies seeking local licensing. David Friedland LinkedIn Post | Source: LinkedIn Notably, in August of this year, Hashkey secured the distinction of being the first crypto exchange in Hong Kong to obtain a specific license permitting the offering of crypto assets to retail investors. Friedland shares that an official announcement from the company should come available soon. You might also like: Victory Securities gains approval by Hong Kong SFC The race continues News of Inte...