According to Odaily Planet Daily, the Hong Kong Securities and Futures Commission has set a transition period for virtual assets, requiring platforms that have not applied for a license to end their business on or before May 31, 2024. This has led to most platforms choosing to withdraw, and the Web 3.0 market seems to have cooled down. Chen Baihui, president of the Asian Digital Economy Academy in Singapore, pointed out that Hong Kong's support for the development of the digital economy does not mean that it fully tolerates the conflict between cryptocurrencies and current regulatory policies, nor will it fully accept Web3.0 project parties that regard Hong Kong as a safe haven to evade regulation from other countries and regions. He emphasized that security is a must and development is necessary. This was also the focus of the Hong Kong Financial Secretary at the Web3.0 Technology Week at the end of last year, and it also reflects the Hong Kong government's attitude towards a sound market and embracing the future after experiencing virtual currency fraud investment cases.