According to news on August 25, Xiao Feng, chairman of HashKey Group, spoke at the "Hong Kong Crypto Finance Summer Forum" and said that there is still a lot of room for improvement in Hong Kong's existing regulatory rules and laws. He believes that there will continue to be improvements in the future. There are still many Regulations have not yet been enacted, such as STO (Security Token Offering). At the end of this year, we can see that the Hong Kong Securities Regulatory Commission will issue a regulatory circular regarding STO. STO is a very important point for crypto finance (or virtual assets) to support Hong Kong’s real economy and technological innovation. Promoting technology company STO financing can make crypto finance have a relationship with the real economy, and also with Hong Kong's innovation and technology. The Hong Kong Securities Regulatory Commission can clarify the rules in the regulatory circular, so that the industry can know how to use proxy Financing through monetization.