Hashkey Exchange does not support users from mainland China and is only open to 16 countries and regions approved by the SFC. Mainland residents with a Hong Kong work visa cannot use Hashkey Exchange, but mainland users with a Hong Kong identity card who provide proof of a Hong Kong fixed residence address and Hong Kong bank account information are eligible to open an account on HashKey Exchange. The platform will detect users' IP addresses and VPNs. For example, compliant users holding a Hong Kong permanent resident identity card who trade while in mainland China will be monitored after being detected by the network. 

Wu Ziquan, an advisor to Hong Kong Virtual Asset Consortium (HKVAC), a Hong Kong-based virtual asset rating agency, stated that in order to effectively reflect trading trends, institutions have established a mechanism to select 30 representative virtual assets to establish a cryptocurrency index, which helps investors grasp daily market performance. In addition, HKVAC plans to work with licensed institutions under the Securities and Futures Commission to promote a credit rating mechanism for virtual asset exchanges to help investors identify risks.

Hong Kong's Financial Secretary, Paul Chan Mo-po, has expressed his support for blockchain technology and its potential to revolutionize various industries, including finance, commerce, and supply chain management. He highlighted the emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, as the next generation of digital entertainment.

Web3.0 industry professionals who had previously relocated to Singapore and Dubai are returning to Hong Kong. The Hong Kong government has shown support for the development of Hong Kong as a global hub for virtual assets, helping the industry to solve problems. While the Web3.0 ecosystem in Hong Kong continues to grow, the government also supports the increase in demand for blockchain-related transactions, which even drives up hotel prices.

CNBC reports that amid the uncertain regulatory situation in the United States, Asia is pushing for transparency in the cryptocurrency market. Hong Kong and Singapore are leading the way. Ong Chengyi, the Asia-Pacific policy director of blockchain data analysis platform Chainalysis, said that Hong Kong and Singapore maintain very high regulatory standards and actively create favorable environments for digital asset businesses.

August 15th, Hong Kong Chief Executive Lee Ka-chao attended the Innovation, Technology and Art Summit hosted by the Bauhinia Magazine Society via video. The theme of this summit was "Web 3.0 Return: Constructing a Golden New Starting Point", closely following the direction of Hong Kong's development of innovative technology and cultural arts as new growth points in the "14th Five-Year Plan". 

On August 14th, Hong Kong-listed company Guofu Innovation disclosed that its wholly-owned subsidiary, Fuqiang Securities, has submitted an application to the Hong Kong Securities and Futures Commission for engaging in virtual asset-related activities under the license of Type 1 (Securities Trading) regulated activities. Fuqiang Securities plans to provide virtual asset trading services under the arrangement of comprehensive accounts, as well as to provide virtual asset trading services by introducing qualified customers directly to licensed virtual asset platforms. Subject to obtaining the necessary regulatory approvals, Fuqiang Securities will expand its business to engage in virtual asset-related services, which is in line with the company's strategy to provide more diversified services for investors and to explore new sources of revenue.

On August 11th, according to the Hong Kong Economic Times, Hong Kong-listed company Boyaa Interactive announced that its board of directors has approved a budget of $5 million (approximately HKD 39.098 million) to purchase cryptocurrencies, mainly including Bitcoin (BTC) and Ethereum (ETH), on regulated and licensed trading platforms within the next year to promote the company's future business layout in the Web3 field.

The Hong Kong Securities and Futures Commission (SFC) has issued a warning to virtual asset trading platforms (VATPs) regarding their practices and potential legal and regulatory consequences. The SFC has observed unlicensed VATPs falsely claiming to have submitted licensing applications and engaging in non-compliant activities.

The Securities and Futures Commission in Hong Kong has warned that unlicensed cryptocurrency exchanges are engaging in improper practices, which is a criminal offense in the city. Some unlicensed trading platforms have claimed to have submitted license applications to the SFC when they have not. The regulator also cautioned that license applicants who violate regulations during a transitional period may not be granted a license. Despite this warning, Hong Kong has welcomed crypto firms and even encouraged banks to work with them, introducing a full licensing regime for virtual asset service providers in December 2020.