Hong Kong Web3.0 incubator Web3Labs announced the completion of over $2 million in strategic financing, with participation from Foresight Ventures, VCB Technology, Waterdrip Capital, Cipholio Ventures, NextGen Venture Partners, and Qtum Foundation.It is reported that Web3Labs is a one-stop entry point for Web3.0 startups, with the goal of responding to the policy declaration of the Hong Kong SAR government, supporting global Web3 enterprises to land in Hong Kong through on-the-ground services, investment acceleration, technology cooperation, and compliance assistance, and currently has offline incubators in Hong Kong, Singapore, South Korea, Hangzhou, Beijing, and other places.

In response to the recent discovery that the virtual asset investment platform "Hounax" is suspected of fraud, the Hong Kong police disclosed the latest information that, due to its continuous change of website addresses in an attempt to avoid the warning of the "anti-fraud surveillance device" and police investigation, the police have labeled 32 websites related to "Hounax" since October and handed them over to relevant agencies for removal or interception.

On November 29th, according to the website of the Securities and Futures Commission (SFC) of Hong Kong, Mulana Investment Management Limited has been approved to conduct regulated activities of Type 1, 4, and 9 on November 24th. According to Mulana's official website, its business focus will support professional investors to obtain virtual assets in a more intelligent way through compliant solutions. Its management team members include Gillian Wu, former CEO of Huobi AM, Qingwen Ren, co-founder of Mulana Capital, Gilbert Ng, former legal advisor and company secretary of Huobi Technology, Jeffrey Broer, founder and former CEO of Grayscale Limited, and Audrey Deng, former asset operation analyst of Huobi.

Hong Kong Financial Secretary Paul Chan Mo-po pointed out at a high-level meeting of the Hong Kong Monetary Authority and the Bank for International Settlements (BIS) that the global financial industry is innovating rapidly, and there have been major breakthroughs in the development of artificial intelligence. This will bring new work models to society and the financial industry, and virtual assets are also emerging. All technological applications and investments require new regulatory systems to cope with them. Local governments and central banks need to cooperate and share information, and coordinate with each other when launching relevant policies, in order to further promote financial innovation.

Hong Kong Chief Executive John Lee has stated that the government will cooperate with regulators if they require more power to crack down on unlicensed crypto exchanges. This comes after an investigation into Hounax, an unlicensed virtual-asset trading platform that reportedly defrauded people of millions of dollars. Lee believes that government supervision is necessary to protect investors and prevent unlicensed platforms. The Securities and Futures Commission (SFC) has published a list of licensed virtual-asset trading platforms to aid investors in choosing a safe platform, but they do not have the power to close unlicensed crypto exchanges.

Odaily Planet Daily News Recently, some practitioners in jurisdictions such as Mainland China, the United States, and Singapore have raised questions about the relevant court rules and effective dates of the Hong Kong Special Administrative Region's constitutional order on the "Mainland Civil and Commercial Judgments (Mutual Enforcement) Ordinance". Hong Kong's Secretary for Justice, Rimsky Yuen Kwok-keung, clarified in a timely manner on social media: "After the mutual recognition arrangement takes effect, Mainland judgments will not 'automatically apply' to Hong Kong, nor will there be a situation of 'sharing judicial information'." (Hong Kong Win Hong Kong Risk)

According to Hong Kong media Hong Kong 01, it was found through investigation that the virtual asset trading platform "HOUNAX" suspected of fraud was originally named "NC Block Chain Group Limited". There is a company with the same name in Hong Kong, originally named "Jiu Coin", which was established in 2017. Related companies involve "cross-border e-commerce" companies in Singapore, Malaysia, and Cambodia. The shareholder and director of the company is named "DENG Shijie", who is reported to live in a rural address in Qiyang County, Hunan Province, which has now been upgraded to a county-level city. The company's secretary, Chen Yaohui, is also a director of "Unimall Group (HK) Limited". According to the Hong Kong police, as of 4 pm on Monday, "HOUNAX" had received 145 reports of fraud, with a total loss amount of over 148 million yuan.

Wu Shupeng, former CEO of Xinhuo Technology, wrote on social media that he recently received inquiries from many friends about the relationship with Meex. He briefly explained that he and his affiliated companies have no equity relationship with Meex, and the cooperation at the company level has ended earlier. At present, there is no relationship between the two parties. He also has a long-term optimistic view of the compliance track, maintaining a respectful attitude towards the industry and a long-term belief.

On November 27th, the Hong Kong Monetary Authority - International Settlement Bank high-level meeting welcome dinner was held in Hong Kong. Former Governor of the People's Bank of China, Zhou Xiaochuan, gave a keynote speech on the development of China's digital currency.

Hong Kong Chief Executive Carrie Lam attended a meeting with the media before the meeting today and expressed concern about the case. The Securities and Futures Commission and the police will explain the incident this afternoon. When asked whether the current relevant regulations are insufficient, Carrie Lam responded that the government needs an effective regulatory system to protect investors. She believes that this incident shows that citizens must invest in regulated and licensed platforms and emphasizes that the current licensing system can ensure that platforms provide sufficient protection for investors, including distinguishing between funds held by platforms for investors and operating funds of the company, and ensuring that the company's debt capacity is regulated and restricted.