Hong Kong is accelerating its crypto regulation updates to align with the rapidly evolving global sector, as highlighted by a recent proposal in the Legislative Council. Acting Secretary Joseph Chan acknowledged the complexities posed by virtual assets while emphasizing the city's commitment to international standards. Meanwhile, Bitcoin's recent price fluctuations have shifted investor focus to altcoins, with analysts predicting an "altseason" lasting until March 2025, as over 64% of the top 50 cryptocurrencies have outperformed Bitcoin in the last 90 days.