According to Odaily Planet Daily, Hong Kong Legislative Council member Qiu Dagen published a comment in the Hong Kong Economic Journal, pointing out that the recent withdrawal of licenses of several global cryptocurrency exchanges has shaken the confidence of market participants in Hong Kong's promotion of Web3 development. Qiu Dagen said that the withdrawal of license applications reflects the main flaws of the current system. He explained that many policies related to the development of Hong Kong's virtual asset market were formulated by different departments, lacking comprehensive strategic considerations for the development of the industry. In addition, some license applicants told him that the authorities lack a forward-looking vision for the development of the next generation of financial technology and lack flexibility in promoting Web3 with traditional financial thinking. The Hong Kong Securities and Futures Commission requires operators to meet standards similar to those of traditional financial institutions, but these standards seem "too strict" when applied to Web3 finance.