📢Good news! Hong Kong Legislative Council member David Chiu published a commentary in the Hong Kong Economic Journal, expressing concern about Hong Kong's revocation of the licenses of several global cryptocurrency exchanges. 😱He believes that this move has shaken the market's confidence in Hong Kong's promotion of Web3 development. 😔

Dagan Chiu pointed out that the revocation of license applications reflects the main flaws of the current system. 🤔He explained that a number of policies related to the development of Hong Kong's virtual asset market are formulated by different departments, lacking a comprehensive strategic consideration of the development of the industry. 😓

Dagan Chiu also revealed that 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. 😨

Bitcoin enthusiasts, let us look forward to Hong Kong's further development in the blockchain field! 🚀🚀🚀