Hong Kong is positioning itself as a major Web3 hub, with local companies and regulators accelerating their stablecoin initiatives. Firms like Fourth Paradigm and Lion Rise Holdings are launching new ventures to focus on stablecoins and tokenized assets. This corporate push is happening ahead of a new regulatory framework, the Stablecoin Ordinance, which goes into effect on August 1, 2025. This new regulation will establish a licensing regime for stablecoin issuers and aims to create a sustainable digital asset ecosystem in the region.
Meanwhile, in the world of NFTs, the popular project Pudgy Penguins has officially denied rumors that it was acquiring the OpenSea marketplace. The rumors had caused a significant price surge for the PENGU token, which jumped 300% in July. The project's security head clarified on social media that the team is focused on expanding brand partnerships with companies like Lufthansa and NASCAR, not on acquisitions. This surge in value for PENGU reflects a broader recovery trend in the NFT market, with market capitalization growing by 94% over the last 30 days.
On the legislative front, the new GENIUS Act signed by President Trump is facing criticism from Senator Elizabeth Warren. In a recent interview, Warren condemned the legislation, which provides legal clarity for stablecoins, as an "industry-written mistake." She warned that Americans would "pay the price" for a bill she likened to the 2000 Commodity Futures Modernization Act, which contributed to the 2008 financial crisis. Warren argued that the crypto industry's lobbying efforts have allowed it to write its own rules, a scenario she believes benefits a few at the expense of many.
Finally, Vietnam has launched its own national blockchain platform called NDAChain. This government-run network, overseen by the Ministry of Public Security, is designed to serve the country's digital infrastructure. It features a hybrid design that combines centralized and distributed elements to strengthen data security. With validator nodes run by state agencies and major companies, NDAChain will be used to verify transactions across key sectors like e-government, finance, and education. The platform includes digital identity tools to combat scams and identity theft.
July 2025, Cryptoniteuae