While U.S. regulators continue to debate staking provisions, Hong Kong’s Securities and Futures Commission (SFC) has moved swiftly—on April 10, 2025 it greenlit staking services for spot Ethereum (ETH) ETFs, with HashKey Exchange rolling out the first offering. This pioneering decision not only underscores Hong Kong’s forward‑looking Web3 regulatory approach but also cements its status as the Asia‑Pacific hub for digital‑asset innovation. It marks a significant step in the fusion of traditional finance (TradFi) and decentralized finance (DeFi).

On April 18, 2025, HashKey Capital launched Asia's first XRP Tracker Fund in Hong Kong, the XRP Tracker Fund, with Ripple as a core investor, designed for professional investors and approved by the Hong Kong Securities and Futures Commission (SFC). The approval of the SFC in Hong Kong signifies the further integration of the traditional financial regulatory framework with the innovative Web3 infrastructure, and signifies that the local market is moving towards a more diversified and compliant era of digital asset investment.

Visa has partnered with Bridge, a stablecoin infrastructure startup recently acquired by Stripe, to launch USDC-powered Visa cards, initially in six countries - Argentina, Colombia, Ecuador, Mexico, Peru, and Chile - that will allow users to make purchases directly at any merchant that accepts Visa, with no need for additional redemption or payment delays. This marks a move from the Web3 experience to real-world financial integration and is expected to expand to Europe, Africa and Asia in the coming months, while Hong Kong's position as a global financial hub will be interesting to watch for the HKMA's currency stabilization and local pilots.

With the development of blockchain technology, Web3 is gradually becoming an important driver of the global economy, attracting numerous start-up companies to enter this field. As an international financial center with world-class infrastructure, a comprehensive legal and regulatory system, and an excellent geographical location, Hong Kong provides an ideal environment for Web3 and virtual asset companies to develop. The HKSAR Government and Cyberport are working together to provide extensive support and resources to start-ups interested in the virtual assets, fintech and Web3 sectors.

From the Consensus HK summit in February to the recently concluded Web3 Carnival, Hong Kong is emerging as Asia's Web3 hub at an unstoppable pace. The next two flagship events will continue to drive this new wave forward.

What started as a casual tea gathering of like-minded individuals has grown into a platform for the voice of Web3 in Hong Kong - a place where we strive to bring ideas to fruition.