The Hong Kong Democratic Alliance for Betterment of Hong Kong announced the establishment of the Digital Asset Alliance, which includes seven institutions including Hashkey Group Exchange, China Merchants Financial Holdings, the School of Economics and Management of the University of Hong Kong, the Yunchuang School of Hang Seng University, the Digital Asset Institute, and the Web 3.0 Association. Chen Zhongni, a member of the Hong Kong Legislative Council, said that the Digital Asset Alliance will start writing policy proposals for the development of the digital industry at the end of this month, covering Web 3.0, real-world asset tokenization, etc., and will promote legislation as soon as possible.