According to BlockBeats news on August 3rd, HashKey Group announced on its official website that its HashKey Exchange 1 and 7 licenses have been officially upgraded and approved, making it the first licensed trading platform in Hong Kong for retail users. This license upgrade will further expand the business scope of the HashKey trading platform, from serving only professional investors to retail users, in order to meet market demand and provide more secure and convenient buying and storing services for retail users. The announcement stated that in addition to supporting fiat currency deposits and withdrawals, the HashKey trading platform will also cooperate with commercial banks, including the Hong Kong Monetary Authority, to provide users with convenient fiat currency deposit and withdrawal services. In addition, the platform has also opened the only compliant over-the-counter trading platform in the East, providing users with more trading options. Livio Weng, Chief Operating Officer of HashKey Group, said, "We are pleased to become the first licensed trading platform in Hong Kong for retail users. With the landing of licensed trading platforms and further clarification of regulatory frameworks in Hong Kong, the entire industry will become more transparent and investor confidence will be greatly enhanced. As an industry leader, we will continue to fulfill our commitments to compliance, fund security, and platform security, ensure that users' rights are fully protected, and create a trading platform tailored for retail users."

BlockBeats reported on July 28th that the Hong Kong Monetary Authority (HKMA) recently released its 10th annual report, reviewing its work during the fiscal year from April 2022 to March 2023. It pointed out that Web 3.0 is a new era of the internet, integrating cryptocurrencies, non-fungible tokens, and metaverse, providing professionals who aspire to provide solutions with the opportunity to shape the future digital world. The government is working with local financial regulatory agencies to create a favorable environment for promoting sustainable and responsible development of the virtual asset industry, while establishing necessary protective measures based on international standards to mitigate actual and potential risks. In the global development of Web 3.0, Hong Kong has favorable conditions to play a leading role, including being an international financial center, having rich local expertise, and a regulatory framework suitable for international investors. The regulatory environment in Hong Kong is conducive for institutional investors to participate in the cryptocurrency industry. Hong Kong is positioning itself as a global leader in developing virtual assets and complementary technologies such as blockchain and Web 3.0.

According to BlockBeats news on July 18th, Hong Kong Financial Secretary Paul Chan Mo-po revealed in an interview that the Hong Kong Monetary Authority is formulating a regulatory framework for stablecoins and plans to conduct a second round of public consultation this year, with the aim of implementing regulatory arrangements in the financial year 2023/2024. (China Fund News)