Exploring Hong Kong Web3 Brokerage: How ZhiRui Securities Seizes Major Trends and Interprets New Regulatory Policy Approaches

Content source: Uweb live streaming sharing class

Content Organization: Peter_Techub News

In the rapidly evolving digital asset industry of 2025, Hong Kong's position as a global Web3 hub is becoming increasingly prominent. On October 30th, the 7th online live broadcast of the “Digital Asset Analyst Elite Gathering,” hosted by Uweb, Techub News (exclusive content strategic partnership), and the Hong Kong Registered Digital Asset Analysts Association (HKCDAA), focused on the theme “Exploring Hong Kong Web3.0 Brokerage - Zhaorui Securities,” attracting hundreds of industry participants. The host Romeo Wang Hongbin, the Executive Secretary-General of the association, along with guest Phil Kang, CEO of Zhaorui Financial Group Limited, presented a wealth of insights during the public segment on “How Zhaorui Securities Understands the Major Trends of Web3” and the analyst-exclusive segment on “Interpretation of Hong Kong Web3 Regulatory Policy Ideas.” This live broadcast not only analyzed the macro context of Web3 from the perspective of a non-typical financial professional transitioning from engineering but also provided practical insights for compliant brokerages, outlining a clear path for practitioners. The following extracts core content from a media perspective, presenting the essence of this sharing to readers.

Public Period: Under the Web3 trend, the dual drive of compliance and technology for brokerages

At the beginning of the live broadcast, Romeo used the “Dividend Era” of the Hong Kong brokerage sector as a starting point, highlighting the phenomenal case of Guotai Junan soaring due to its license, leading to the unique positioning of ZHUORUI Securities. Phil Kang's self-introduction is like an inspirational legend of “engineering to finance”: he studied mathematics for his undergraduate degree and after graduation, he engaged in game development, having participated in the R&D of the mobile game “Tianlong Babu”, reaching the peak of the App Store's popular rankings. In 2014, with the transformation of the gaming industry, he switched to US-listed internet brokerages, starting as an engineer and learning financial knowledge while working. After leaving his job in 2019, he co-founded the Fintech company “Random Walk” with partners, focusing on SaaS services to provide securities derivatives solutions for global brokerages. Since 2020, the news of Hong Kong OSL obtaining a license ignited enthusiasm for Web3, and the company gradually explored virtual asset business, assisting a Hong Kong brokerage in completing the Web3 transformation in 2024. At the end of last year, Phil joined ZHUORUI Securities as CEO, aiming to “create a traditional brokerage + Web3 brokerage with global influence.”

Zhuorui Financial Group was established in 2017, initially focusing on wealth management in Singapore, and entered Hong Kong in 2019, holding licenses 1, 2, 4, 5, and 9, and providing crypto asset services with approval from the Securities and Futures Commission (SFC). Why are they confident in the Web3 space? Phil bluntly stated that it stems from a profound insight into the cyclical nature of the financial industry. “Finance has always had strong cyclicality; looking at human history, every economic cycle gives rise to new stars, such as Charles Schwab and Robinhood.” He analyzed the rise of Robinhood: after the financial crisis in 2008, the institutional market (with institutions accounting for 80-90%) was disrupted by millennial retail investors, with technology amplifying the voices of retail investors. The same applies to Web3; without blockchain, traditional finance would not develop so rapidly. “We do not see Web3 as a stagnant pool, but as a dynamic race track.”

The key turning point lies in the “path to compliance.” Phil emphasized that the greatest advantage of traditional institutions is their reverence for compliance—SOP and risk control have been internalized into their DNA. However, mere compliance is not enough; a strong R&D background is also needed to keep up with technological innovation. Zhuorui's entry point is here: when communicating with offshore exchanges and stablecoin issuers, he found that there is a huge “gap” in global institutions' compliance with Hong Kong regulations. “Hong Kong compliance is not a shackle, but a bridge that allows Web3 to move from the margins to the mainstream.” The company's strategy focuses on attracting talent and is precisely directed, expecting to achieve good results within a limited time. Romeo added that this is a “two-way effort”: traditional institutions seek “crypto native” talent, while grassroots players seek certification upgrades. The larger the institution, the more difficult the transformation; emerging brokerages, through product development and user insights, may emerge as dark horses.

When it comes to market judgment, Phil avoids the “four-year cycle” trap. “Many exchanges obtained DIM licenses by the end of 2024, but encountered a bear market; now the financing iteration is no longer as anxious as before.” He believes that the crypto cycle is integrating into the traditional financial market, with giants like BlackRock laying out through ETFs and derivatives, introducing an “X factor” that disrupts the rhythm. “What about the winter theory in Q3-Q4 of 2025? I cannot verify it and will not adjust strategies based on expectations.” It depends on the perspective: traders chase signals, while long-term investors believe BTC will reach a million dollars, ignoring short-term fluctuations. Phil predicts that this year is unlikely to decline; from 2024 to 2025, the biggest change will be “adoption”—from niche to mainstream, with explosive application scenarios and market normalization. The future narrative connects the traditional and the virtual: RWA, ETFs, DeFi, etc., will move traditional products “on-chain.” “This is an inevitable trend, enhancing popularization.”

Romeo shares Silicon Valley observations: After the trade war in April, retail investors occupy over 40% of the US stock market, with institutions pausing due to the agreement, and Web3 granting more freedom to the “stock god dream.” The opportunity for emerging institutions lies in discovering demand, such as Robinhood's discreet headquarters (no sign to avoid banners). Mainland regulatory “window guidance” curbs the overheating of stablecoins, which Phil sees as a double-edged sword: on one side overheating, on the other public participation—at the Shenzhen port, two shop owners are hotly discussing stablecoins, just like A-share bus conversations. Romeo calls for long-termism: “The optimistic atmosphere on Wall Street exceeds expectations, New York study tours visiting institutions, with strong feedback. After overheating, quality projects prevail.”

Analyst Exclusive Period: Hong Kong Web3 Regulatory Policies, License Upgrades, and Talent Gaps

The internal area switches to “private” mode, focusing on regulatory interpretations. Phil explains the Hong Kong framework: HKMA regulates stablecoins and banks; SFC regulates brokers and exchanges. There is no exclusive “virtual asset license”, but instead, the original 13 types of licenses are upgraded. Brokers typically have 1 (securities trading), 4 (investment advisor), 2/5 (futures), 9 (asset management), and Zhuorui is fully equipped. License No. 7 is upgraded to VATP (Virtual Asset Trading Platform), emphasizing security.

Zhuorui Business Breakdown: After the upgrade to version 1, engage in VA Trading - buying and selling BTC/ETH/USDT, etc. with fiat (HKD/USD), institution to institution, not C2C, ensuring high security, especially for large allocations. Off-ramp (crypto cashing) also falls under version 1. The upgrade to version 4 provides investment advice and Copy Trading. IWA distribution is under version 1; stablecoins are independent of HKMA. Requirements: asset protection, AML/KYC, security (such as vaults, multi-signature, 98% cold wallet storage, 13 people co-signing for withdrawals), insurance coverage (initially 97%, now reduced to 50%). Romeo promotional learning certificate: Level 1 is suitable for distribution, Level 3 is for RO (Responsible Officer).

Q: With the country strengthening regulations, are opportunities in Hong Kong decreasing?

Phil replied: “Hong Kong is the mainland-overseas channel. Under the premise of strictly abiding by the law, Web3 projects cannot be conducted in the mainland, but they can in Hong Kong. The policy continues to move forward: the first VATP for two years, followed by acceleration; the world's first physical ETF (BTC subscription). Macroscopically, it aims to revitalize Hong Kong's financial core, and Web3 is indispensable.” Romeo added: “No regulation is scary; chaos is prone to collapse; regulation promotes institutional entry, leading to growth in scale.”

In-depth analysis: Hong Kong vs the US RWA path? Phil indicates that the US is leading (such as the rough RWA of Robinhood, which is based on the EU MiCA), but Hong Kong has the attribute of being a circulation hub, influenced by non-local factors. Stablecoins focus on offshore RMB and non-USD government bonds. Hong Kong lacks talent: without the internet era, innovation is weak; however, IPOs are thriving, making it suitable for deep exploration of both traditional and Web3 sectors. Opportunities lie in cross-disciplinary talent: those who understand traditional finance and on-chain (such as settlement, clearing, and cross-border). There is a huge gap in Hong Kong, and compliant Web3 is only at a primary stage, with unlimited potential. Mainland practitioners: production and research are okay, but operations/compliance must transition to Hong Kong. Promotion within communities is extensive.

Q: Offshore exchanges (such as Binance) refuse users from mainland China/Hong Kong? Phil's answer: Holding offshore in Singapore/Dubai, Chinese law does not protect losses and is not encouraged. Hong Kong refuses mainland users to protect investors, SFC strictly prohibits it. Compliance is strict: process audit, face-to-face testing, insurance. The collapse of FTX/GPX serves as a warning; high asset holders seek stability, not gambling. Romeo points out the gray areas: buying Hong Kong insurance from the mainland is legal but non-compliant; early bird opportunities exist in the healthy process. Recommendation: Participate early, be king at the table.

At the end of the live broadcast, Romeo encouraged: the first batch of Level 2 holders at the beginning of next year, to enter the industry early. Thanks to Phil for scheduling offline communication. CC promotion: contact the QR code to sign up and connect with the community.

This sharing is like timely rain: amidst the doubts of the bull market, Zhuorui Securities' confidence comes from the dual wings of compliance technology, while regulatory policies safeguard the industry. Web3 is not a zero-sum game, but rather a future of inclusivity. HKCDAA supports engineering and financial transitioners with certification + live streaming. Want to get involved? Start from Level 1, Hong Kong is waiting for you. Elite gathering, see you next time!

Introduction to the Digital Asset Analyst (HKCDAA) Qualification Certification Exam

The Digital Asset Analyst (HKCDAA) certification exam launched by the Hong Kong Registered Digital Asset Analysts Association aims to provide authoritative certification for professionals in the digital asset field. The exam content covers areas such as the fundamental theory of digital assets, blockchain technology, investment analysis, trading tools, risk management, regulatory laws and regulations, and professional ethics, cultivating and certifying professionals in digital assets with a global perspective.

The examination has now been officially incorporated into the professional/vocational examination system recognized by the Hong Kong Examinations and Assessment Authority (as listed on the Authority's official website), and is administered by the Hong Kong Examinations and Assessment Authority, alongside internationally recognized examinations such as HKDSE, CFA, and FRM, under a unified management system. This marks the official authoritative recognition of the examination by the Hong Kong Examinations and Assessment Authority, making it the only officially certified qualification examination in Hong Kong's digital asset industry, establishing its irreplaceable authoritative status in the industry, laying the foundation for the standardization and professionalization of talent in the digital asset field, and injecting more reliable professional strength into the Web3.0 industry.

The career development path after obtaining the certification is broad, including financial institutions and investment companies, digital asset exchanges and Web3.0 enterprises, regulatory agencies and compliance departments, digital asset investment and wealth management, education and research institutions, and more. The applicable audience includes practitioners in financial institutions, digital asset practitioners, digital asset investors, regulatory agencies and compliance personnel, as well as students and beginners.

The fourth phase of the registration special offer is here, with a fee of 9,000 HKD, and the registration fee is waived (a reduction of 300 HKD). Complete your registration before September 12 to receive a “High-Frequency Exam Point Online Course” (worth 15,000 HKD) for free. Registration ends on September 30, 2025, and the exam date is December 20, 2025.