Odaily Planet Daily News Hong Kong Legislative Council member Qiu Dagen wrote in a commentary published in the Hong Kong Economic Journal on Saturday that the recent withdrawal of licenses from several global cryptocurrency exchanges "has shaken the confidence of market participants in Hong Kong's promotion of Web3 development." Qiu Dagen said that the revocation of license applications reflects the main flaws of the current system. He explained: "First, a number of policies related to the development of Hong Kong's virtual asset market (such as VATP, stablecoin issuance, and virtual asset over-the-counter trading) are formulated by different departments, lacking comprehensive strategic considerations for the development of the industry." The legislator added that some license applicants told him that the authorities lack a forward-looking vision for developing 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 when applied to Web3 finance, these standards seem "too strict." (The Block)