TRON MainNet has emerged as the top public chain in terms of daily active users, transactions, and circulation of USDT stablecoin. The blockchain's performance, scalability, and security have impressed the industry and attracted users and developers worldwide.

Hong Kong has approved digital asset trading for retail investors, but this does not necessarily mean that China is opening up to crypto. Despite being a special administrative region of China, the world's second largest economy is not yet ready to embrace crypto.

Hong Kong lawyer Gilbert NG has discussed how the US Securities and Exchange Commission's (SEC) actions could impact the regulatory landscape in Hong Kong. NG highlighted the contrasting treatment of Binance and Tether by the SEC, which may have repercussions for Binance's operations in Hong Kong.

The 2023 Caixin Summer Summit will be held on June 9 in Hong Kong, under the theme "Sailing Into a New Phase of Opening." The summit will bring together international and domestic government officials, business leaders, experts, scholars, and entrepreneurs to discuss the future of openness.

Hong Kong, a city with a population of over seven million in southern China, is renowned for its pro-innovation and technology stance. Despite China's anti-crypto stance, Hong Kong has introduced its own crypto legislation, allowing retail investors to invest directly in crypto assets.

Hui Zhengyu, the Secretary for Financial Services and Treasury, has revealed new advancements in financial technology and innovative financial services in Hong Kong, including measures for stablecoins. The Hong Kong Monetary Authority is establishing a regulatory agenda for stablecoins and organizing consultations for the second time this year.

According to the China Fund News, Ashley Alder, CEO of the Hong Kong Securities and Futures Commission, gave a speech at the annual meeting of the Hong Kong Investment Funds Association, stating that "the Hong Kong Securities and Futures Commission is committed to promoting growth. We understand that investment products in the market need to be innovative in order to keep up with the times and meet the ever-changing needs of investors. We are currently focusing on three major categories: environment, social and governance, virtual assets, and RMB-denominated products."

Huobi, a crypto exchange, has applied to become a virtual asset service provider (VASP) in Hong Kong and could receive a trading license by the end of the year, according to Huobi advisor Justin Sun. The application includes an 18-month grace period for regulators to approve or deny it, but Sun predicts a decision could come within six to twelve months.

Hong Kong's financial regulator has implemented a new regulatory framework for cryptocurrency, which prioritizes investor protection over cost-saving for exchanges. Retail investors in the city will be allowed to trade specific "large-cap tokens" on licensed exchanges, provided that safeguards such as knowledge tests, risk profiles, and exposure limits are in place. The Securities and Futures Commission will also begin providing licenses to crypto exchanges. However, the industry remains cautious about the regulatory changes due to concerns about the costs and complexities of adhering to the rules. Bobby Lee, a crypto pioneer, warned that Hong Kong's ambition to become a crypto hub may not be sustainable, as digital asset trading remains banned in mainland China.

Hong Kong is set to launch its first Bitcoin ETF, pending approval from regulators. The ETF, which will be managed by the Chinese asset management firm, One Asset Management, will allow investors to easily gain exposure to Bitcoin without having to directly purchase and store the cryptocurrency. The launch of this ETF is expected to bring more institutional investors into the crypto market and boost the adoption of Bitcoin in Hong Kong and beyond. However, the approval process may take some time, as regulators in Hong Kong have been cautious about approving crypto-related financial products.