Hong Kong-based securities firm Quam Securities has announced the launch of cryptocurrency trading services on its platform, becoming the first Hong Kong-based securities firm to do so. The move is seen as a boost to Hong Kong's initiative to emerge as a crypto hub in Asia.

Input Output Hong Kong, the parent company of Cardano, has made significant improvements to the Lace decentralized light wallet. The wallet was launched in April as a user-friendly Web3.0 wallet for Cardano's ecosystem. The Lace team has made several fixes and updates to enhance its security and usability, including UI flow for multi-delegation and load tests on the backend using HD wallets. Cardano's active developer base has also launched 135 projects on the protocol, with over 71 million transactions recorded in the past week, making it an attractive option for building in the Web3.0 world.

According to Animoca co-founder Yat Siu, Hong Kong's recent surge in cryptocurrency and Web3 adoption is indicative of significant developments taking place in mainland China. Siu noted that China's release of its Web3 white paper in May, which emphasized the importance of Web3 in the future of the internet, should not be overlooked.

Bank of China and Bank of China (Hong Kong) have launched a cross-border digital RMB shopping festival in Hong Kong, marking the official entry of e-CNY into the city's retail sector.

According to Cipholio Ventures, Hong Kong cryptocurrency fund PSE Trading has completed a financing round of tens of millions of dollars, with the specific amount not yet disclosed. Cipholio Ventures participated in the funding. The new funds will be used to enhance digital asset management capabilities and develop related service suites.

Jeremy Allaire, CEO of Circle, has expressed optimism about the development of Web3 in Hong Kong and the HKMA's efforts to regulate stablecoins. He believes that stablecoins could play a role in the internationalization of the yuan and that they could offer a more immediate solution compared to a central bank digital currency. Hong Kong is positioning itself as a global virtual asset hub and is focusing on regulating stablecoins, with the HKMA committed to introducing regulations for stablecoins by 2024. Circle is encouraged by the HKMA's prioritization of stablecoin regulations and is motivated to grow its presence in the region.

Yuga Labs, the parent company of Bored Ape Yacht Club (BAYC), has announced the return of ApeFest 2023 in Hong Kong from November 3 to November 5. The event aims to reignite enthusiasm and reinforce BAYC's position as a symbol of social and cultural identity in the NFT world. ApeFest will be a multi-faceted convention experience, moving away from its previous association with NFT.NYC and exploring new locations and cultural integrations. Admission remains free for BAYC and Mutant Ape Yacht Club (MAYC) holders, but attendees must present a valid ticket via the tokenproof app and a refundable deposit system has been implemented.

A female accountant in Hong Kong was scammed out of HK$1 million worth of cryptocurrency by three men using counterfeit banknotes and a fake "cryptocurrency shop." The victim was lured in by an Instagram advertisement offering lucrative exchange rates and was given a bundle of fake banknotes to exchange for crypto. After transferring the crypto to a designated wallet, the "employee" left her with the counterfeit notes and never returned. Two of the suspects have been arrested, while the third is still being pursued by authorities.

Hong Kong-based online bank Mox Bank has blocked some user accounts that were previously involved in crypto transactions, with some customers complaining that they had nothing to do with digital currencies. Although the virtual bank has started to review the issue, some users have filed an official complaint with the Hong Kong Monetary Authority. Mox Bank has stated that the affected accounts are currently under review while customer rights are being protected.

According to a recent report by crypto intelligence provider K33 Research, China is home to 15% of Asia's crypto workforce, making it one of the largest crypto hubs on the continent. This is despite China's comprehensive ban on crypto trading and mining.