According to Wu Shuo, Hong Kong Legislative Council member Qiu Dagen wrote in the Sing Tao Daily that the government can promote the application scenarios of Web3 in Hong Kong, attract more technical teams to develop in Hong Kong, and actively explore the application and practice of blockchain technology. It is estimated that what has not yet been resolved is whether virtual asset custody services must be licensed independently. After dealing with this remaining puzzle, the legal basis and regulatory mechanism for virtual assets will be roughly complete. Hong Kong needs the market to combine blockchain technology and financial innovation, launch various new products and services, and use technology to enhance Hong Kong's competitiveness as an international financial and innovation center.