According to Julian Kwan, Hong Kong approved spot BTC and ETH ETFs in 2024, passed a Stablecoins Ordinance in May 2025, and launched Web3 pilot programs via the HKMA and SFC, creating a clearer regulatory framework that investors seek, source: Julian Kwan on X (Sep 1, 2025). According to Julian Kwan, these steps provide regulated market access to BTC and ETH through Hong Kong-listed spot ETFs, source: Julian Kwan on X (Sep 1, 2025). According to Julian Kwan, the Stablecoins Ordinance and regulator-led pilots outline compliance pathways that are directly relevant for trading structured crypto products and fiat on- and off-ramps in Hong Kong, source: Julian Kwan on X (Sep 1, 2025).