Jack Kong, founder of Nano Labs, director of Hong Kong Cyberport Management Company Limited, and member of the Hong Kong Third Generation Internet Development Special Group, posted on the X platform that the withdrawal of the VASP (virtual asset trading platform) license applications from the leading exchanges in Hong Kong will not have a big impact on these exchanges, but it is not a good thing for the development of Web3 in Hong Kong. The US Securities and Exchange Commission has begun to follow the general trend, and Hong Kong regulators must also keep up, otherwise it will be much more difficult for the Hong Kong government to develop Web3. Of course, he is still firmly optimistic about Hong Kong and will continue to express policies that he believes are beneficial to the development of Hong Kong.