The article "Challenges and Prospects of Hong Kong Virtual Asset Platform Licenses" deeply analyzes the complex challenges and broad development prospects currently faced by Hong Kong in the field of virtual asset supervision. Chen Zhihua clearly pointed out that the strict prohibition of virtual currency transactions and services in the Mainland has made the Hong Kong Securities Regulatory Commission's review of virtual asset platform licenses extremely complicated. Especially when it comes to the actual controller or parent company of the platform, it is necessary to ensure that they do not violate the relevant laws of the Mainland. This undoubtedly increases the difficulty of Hong Kong virtual asset platforms in applying for licenses, and almost requires the entity in Hong Kong to be completely separated from its parent company.

In response to this dilemma, Chen Zhihua suggested that the SAR government should take practical and effective measures to deal with the problems caused by multiple supervision. He proposed that the establishment of a unified virtual asset supervision committee is undoubtedly a wise move. This committee will be responsible for coordinating the work of different regulatory agencies to ensure that the regulatory standards in the field of virtual assets are both consistent and effective. Through this move, Hong Kong can not only maintain its leading position in the global virtual asset market, but also further enhance the transparency and professionalism of its regulatory system. Chen Zhihua also proposed four specific directions for suggestions. First, improve the regulatory system to make it more adaptable to the characteristics and development needs of the virtual asset market. Secondly, the SAR government should actively engage in dialogue with relevant departments in the Mainland to seek cooperation and coordination in virtual asset supervision, so as to break geographical restrictions and achieve broader regulatory cooperation.

Third, strengthen cross-departmental collaboration to ensure that all departments can form a joint force in virtual asset supervision to avoid regulatory gaps and duplication of work. Finally, simplify and accelerate the licensing process, provide applicants with a clear approval timetable and transparent expectations, so as to attract more high-quality virtual asset platforms to settle in Hong Kong. In April this year. The Hong Kong Securities and Futures Professionals Association published a letter to the Hong Kong Treasury Bureau on its official website, "Proposal to Establish an Independent Securities Industry, Futures Industry, Asset Management Industry and Virtual Asset Industry Development Self-Regulatory Organization", pointing out that many economically developed regions in the world, including my country, have statutory semi-official industry self-regulatory organizations that focus on industry development and maintaining market ecology.