According to Foresight News, during the "2025 Hong Kong Web3 Carnival" conference, Hong Kong's Financial Secretary, Paul Chan, emphasized the city's commitment to finding innovative and balanced regulatory approaches for Web3 technologies. He announced that legislation concerning stablecoins is nearing approval, and Hong Kong plans to establish compliance licenses for activities such as over-the-counter trading and custody services. Additionally, Hong Kong is set to release a second statement on the development of virtual assets within this year.