Hong Kong media revealed that the total assets under management of Hong Kong's virtual asset ETF have exceeded $300 million, with six virtual asset ETFs trading an average of HKD 20 million per day since their listing. Over the past year, Hong Kong's virtual asset and Web3 industries have been seeking a development model suitable for regional characteristics, from VATP, HKD stablecoin, VAOTC, tokenization and RWA, to virtual asset spot ETFs. In terms of stablecoins, Hong Kong has chosen regulatory measures different from those of Singapore and Japan, by imposing a new license for regulation instead of incorporating them into the payment system. This is an innovation on the regulatory level.