According to Wu, the licensing transition period for virtual asset service providers (VASPs) in Hong Kong will end at the end of this month, and the SFC will decide whether existing service providers can continue to operate after June. Recently, several platforms have withdrawn their license applications in Hong Kong. Xu Jiansheng, former chairman of the Hong Kong Computer Industry Association and convener of the WebX Industry Alliance, believes that the cost of operating a trading platform in Hong Kong is relatively high, such as license fees and hiring responsible personnel. In addition, the transactions of existing platforms in Hong Kong have not increased significantly, and the liquidity is not as good as that of overseas platforms, which has failed to attract overseas customers. The market may not be able to accommodate a large number of license applicants. The overseas business of large international platforms has matured and may withdraw their applications due to profitability issues in the local market.