A big gathering took place in Hong Kong for the Bitcoin Asia conference hosted by Bitcoin Magazine on May 9-10. More than 5,500 people joined in, including lots of speakers and sponsors. This year's event in Hong Kong was a hit, especially with the city's growing interest in cryptocurrency. Recently, Hong Kong has been making moves in the crypto world, like hosting Web3 events and approving the first six spot Bitcoin and Ethereum ETF funds in Asia.

The conference in South Korea reported that Hong Kong, being a special region of China, has some freedom in making its own rules. Some investors see the approval of ETF funds as China showing support for cryptocurrency, even though it's officially banned on the mainland. David Bailey, one of the organizers, said about half of the attendees were from mainland China. He hopes Hong Kong can strengthen its ties with the mainland despite the ban. Bailey thinks the approval of ETF funds is a sign that Bitcoin is becoming more accepted.

Hong Kong is making strides in crypto regulations, following the lead of countries like the US and UK. The government is welcoming centralized cryptocurrency exchanges and inviting blockchain companies to set up shop. Many projects in the GameFi sector are choosing Hong Kong as their base. Currently, Hong Kong's spot Bitcoin ETF funds hold nearly $200 million in assets, while Ethereum ETF funds hold about $28 million.

In conclusion, the Bitcoin conference in Hong Kong drew a huge crowd, showcasing the city's growing interest in cryptocurrency. With the approval of ETF funds and other regulatory steps, Hong Kong is becoming a hub for crypto activities, attracting investors and projects alike.