Hong Kong Web3 Daily Must-Read: Robinhood Ventures' first fund plans to go public on the NYSE, and a16z Crypto plans to raise $2 billion for the fifth fund.

Summary: Cora, Techub News

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Hong Kong police crack down on puppet accounts and crypto exchange laundering case, two mainlanders sentenced

Hong Kong police uncovered a case involving the use of puppet accounts and crypto exchanges to launder money. Two mainlanders opened 43 local bank accounts, received proceeds from 34 different scams, and purchased cryptocurrencies at exchanges, laundering approximately HKD 17.3 million in criminal gains. Fund flow analysis shows the criminal group used local bank accounts for crypto transactions, with total laundered funds reaching HKD 230 million. The police charged the two individuals with 3 and 10 counts of money laundering, respectively. After review, the court approved increased sentences of 28 and 43 months imprisonment.

Hong Kong Securities and Futures Commission CEO Carrie Lam: Need to comprehensively upgrade market infrastructure and effectively integrate tokenization innovations

At the 2026 Asia Securities and Financial Markets Association EU-Asia Financial Services Dialogue, HK SFC CEO Carrie Lam stated that Hong Kong must thoroughly upgrade market infrastructure, especially in segmentation, clearing, and settlement of financial products, with distributed ledger technology and tokenization providing solutions. The core value of tokenization lies in its programmable nature, supporting a wide range of investment products such as bonds, funds, and even gold. As the tokenization ecosystem expands, effective integration of related innovations is necessary to seamlessly combine traditional finance confidence with DeFi efficiency, further unlocking liquidity. Lam also revealed that HK SFC has co-led a working group under the Asia-Pacific Committee with ASIC to combat online scams, exchange intelligence with global peers, and participate in setting standards and coordination in digital assets.

Hong Kong Monetary Authority and three other regulators jointly launch GenA.I. Sandbox++

The Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority today jointly announced the launch of the Generative AI (GenA.I.) Sandbox++. Building on the success of the 2024 GenA.I. Sandbox, this expansion covers banking, securities and capital markets, asset and wealth management, insurance, MPF, and stored-value payment tools, focusing on risk management, anti-fraud, and customer experience. The initiative promotes an “A.I. against A.I.” strategy to manage AI application risks. Participants will receive targeted regulatory guidance, technical support, and free GPU resources at the Digital Hong Kong AI Supercomputing Center to develop and test industry-specific or cross-sector AI applications such as intelligent chatbots, fraud detection systems, insurance underwriting and claims, and investment suitability assessments.

First in Asia-Pacific! HK SFC approves concert revenue RWA, bringing compliance to fan economy assets

This is not the typical “fan token” hype in Web3, nor an air project issued overseas by a project team. It is the first time in Asia-Pacific that concert revenue is issued as a compliant security token representing RWA (Real World Assets) under the regulatory framework of the SFC.

Deep dive into Yisheng model: the logic of HK RWA regulation and compliant issuance paths for entertainment assets

By comparing with Deling Holdings’ real estate RWA, we can clearly see the comprehensive thinking of Hong Kong regulators on RWA. This article will deeply analyze the Yisheng model and explore more diverse issuance paths in the future.

Selected Hong Kong Events in March 2026

We have curated notable crypto events in Hong Kong for March, offering insights into the future of Web3.

Regulation / Macro

Canadian Resident Falls Victim to Second Crypto Scam, Thief Impersonates RCMP

A Canadian resident received a scam message at the end of 2025,誘導ed to deposit HKD 5,000 via crypto ATM for a “work-from-home stock and crypto trading” opportunity, resulting in loss of funds. Earlier this year, the resident saw a fake public service announcement claiming to be from the Royal Canadian Mounted Police (RCMP). After clicking a link and filling out a form, they received a call from someone claiming to be a lawyer from Toronto Helprpc Law Firm, falsely stating they had recovered about USD 60,000 in “profits” from two crypto wallets and offering recovery services. The victim became suspicious and verified that the lawyer was not registered with the BC or Ontario Law Societies. The police confirmed the caller’s website was inaccessible. This case highlights common secondary scam tactics in crypto fraud, exploiting victims’ urgency to recover losses for further deception.

Esperanza and Hatcher Group establish joint venture offering tokenized investment automation trading

On March 3, 2026, Esperanza and Hatcher Group Limited (Yichen Group) signed a joint venture agreement. The JV will hold 49% and 51% stakes in JV BVI Co., respectively. Upon licensing approval from the SFC and other conditions, Hatcher Group will issue consideration shares to Esperanza (or its agents). JV BVI Co. will become a direct, non-wholly owned subsidiary of Hatcher Group, with its financials consolidated into Esperanza’s accounts. The partnership aims to enhance the tokenized investment product market, build a compliant issuance system, and establish a cross-industry scalable regulated asset tokenization trading platform.

White House to review new CFTC prediction market regulation measures

The White House will review new regulatory measures proposed by the Commodity Futures Trading Commission (CFTC) for prediction markets (such as event contracts). The measures aim to clarify regulation, support market growth, and prevent risks. Details and progress are not yet publicly disclosed; further updates depend on White House feedback.

Projects / Company Updates

Visa and others complete Chainlink cross-border settlement pilot

Visa, ANZ Bank, China Asset Management, and Fidelity International completed a Chainlink-based cross-border settlement solution. Under HKMA’s e-HKD initiative, Chainlink automates compliance and atomic settlement for secure transfer of regulated assets. Its digital transfer proxy standard enables tokenized fund units issuance, while on-chain NAV data allows near real-time settlement. Chainlink CCIP supports secure messaging and e-HKD value transfer across jurisdictions and blockchains; its automation engine verifies cross-network identities in real time.

Google warns of new Coruna iOS vulnerability toolkit targeting crypto wallets

Google Threat Intelligence team discovered a new iOS exploit kit called “Coruna,” targeting iPhones running iOS 13.0 to 17.2.1, capable of stealing crypto wallet seed phrases. The kit includes five complete exploit chains and 23 vulnerabilities, some previously undisclosed. First identified in February 2025, it was suspected to be used by Russian espionage against Ukraine, later appearing on fake Chinese crypto sites to steal assets. When users visit these sites, the kit scans and extracts text containing seed phrases or backup words, targeting apps like Uniswap and MetaMask. Google recommends updating to the latest iOS or enabling Lockdown Mode; the kit is incompatible with the latest iOS versions.

Alchemy Pay obtains Delaware money transmission license

Alchemy Pay, a crypto payments firm, received a money transmission license from Delaware, allowing compliant money transfer operations in the state. With this, Alchemy Pay holds licenses in 15 US states and has expanded globally to Australia, South Korea, Switzerland, and Hong Kong.

Robinhood Ventures’ first fund to go public on NYSE on March 6

Robinhood hosted the “Take Flight” event, announcing several new products. Its first fund, Fund I, is expected to list on NYSE on March 6. Upcoming features include revocable trust accounts, flexible account sharing, a “Family Center” for financial overview and external account tracking, and a custodial account for children (UTMA) supporting gifts of cash, stocks, or ETFs. Robinhood also announced the launch of Platinum Card, enhanced Robinhood Strategies, Gold Rewards Hub, early dividend payments, and Robinhood Market merchandise.

Western Union partners with Crossmint to support USDPT stablecoin issuance and global payments on Solana

Western Union and Crossmint announced a partnership to issue USDPT stablecoin on Solana and connect it to Western Union’s global network. The collaboration integrates Crossmint’s wallet and payment APIs with Western Union infrastructure, enabling fintech platforms to transfer funds via stablecoins and convert digital USD to local fiat at over 360,000 cash pickup points. Western Union previously announced plans to launch the Solana-based USDPT in 2026.

Crossover Markets completes $31M Series B funding, led by Tradeweb Markets

Crossover Markets, a crypto execution platform, raised $31 million in Series B funding, led by Tradeweb Markets, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial. The funds will be used to optimize its FX-style market structure and improve institutional crypto trading efficiency and liquidity. Previously, Crossover raised $12 million in June 2024, led by Illuminate Financial and DRW Venture Capital.

a16z Crypto aims to raise $2 billion for its fifth fund, focusing on blockchain investments

Sources reveal that a16z Crypto is raising approximately $2 billion for its fifth fund, expected to close in early 2026. The fund will focus solely on blockchain investments. Since its first $300 million fund in 2018, the firm’s assets under management have grown, reaching $4.5 billion in 2022. Although the new fund is smaller than the previous one, insiders say a16z Crypto plans to shorten fundraising cycles to adapt more quickly to the fast-changing crypto industry.

Tether invests $1.5 billion in AI health tech company Eight Sleep at a $1.5 billion valuation

Tether made a strategic investment of $1.5 billion in Eight Sleep, a smart sleep technology firm. Eight Sleep uses AI and embedded sensors to provide personalized sleep insights and enhancement services. The investment aims to strengthen Eight Sleep’s capabilities and establish a long-term partnership to develop AI-driven health tech based on Tether’s QVAC architecture, which integrates fragmented health data, supports local device processing, and offers highly personalized experiences. This follows Tether’s launch of the QVAC Health platform, consolidating health data and enabling user control.

Deep & Forward-looking

$2 Billion Confidence Boost: While investing in AI, a16z remains committed to crypto

As a leading VC in crypto, a16z’s contrarian fundraising news has garnered widespread attention. Although the $2 billion size is half of the $4.5 billion peak in 2022, this move injects confidence into the winter-stricken crypto market amid industry cycles and clearer regulations, reaffirming their long-term bullish stance on blockchain technology.

Vitalik’s Lost Bet: Using AI to Simulate Ethereum’s Future in 6 Days

We now have tools to rapidly simulate future scenarios—an opportunity and a pressure. The opportunity lies in early problem detection; the pressure in making faster decisions—every hesitation allows competitors to advance.

Opinions

“Bottoming” After 400,000 BTC: Is $74,000 a rebound or a reversal?

Tom Lee believes March is a bottoming phase. The decline in software, Mag 7, and crypto assets has completed about 90%. They are outperforming the market, demonstrating leadership. Even amid global trade disruptions, AI and Mag 7 are still needed. These companies remain fundamentally strong. Investors should stay patient and cautious, holding some cash. However, opportunities are emerging.

Web3 Legal Analysis: Where is the future of US stock tokenization?

We previously analyzed the technical features of the NYSE platform, including 24/7 trading, fractional shares, real-time settlement based on stablecoins, and native digital securities issuance. This article will not repeat those details but aims to answer two deeper questions: Why did NYSE choose this timing? What is the future of US stock tokenization?