The Bitcoin Asia Conference, hosted in Hong Kong on May 9-10, drew a massive crowd of over 5,500 attendees, including hundreds of speakers and sponsors. This turnout is not surprising, given Hong Kong's growing interest in cryptocurrency. The city has been actively embracing cryptocurrency, hosting Web3 events and approving Asia's first six spot Bitcoin and Ethereum ETF funds, which has generated significant interest among investors .

David Bailey, co-founder of Bitcoin Magazine and the conference organizer, noted that around half of the attendees were from mainland China, where cryptocurrency is banned. Bailey expressed hope that Hong Kong could further develop its relationship with the mainland in terms of its crypto economy. He views Hong Kong's ETF funds as an acknowledgment that Bitcoin is here to stay and appreciates their role in enabling the purchase of Bitcoin and Ethereum through in-kind subscriptions.

Hong Kong's spot Bitcoin ETF funds currently have nearly $200 million in assets under management, while spot Ethereum ETF funds have around $28 million. The government is actively promoting crypto regulations, following the lead of the US and UK. It has opened its doors to centralized cryptocurrency exchanges and continues to attract blockchain-focused companies, including those in the popular GameFi sector.