Hong Kong Legislative Council Member Qiu Dagen: Unlicensed platform applicants lack industry experience and have not been deeply involved in the Web3
Hong Kong Securities and Futures Commission has updated its list of virtual asset trading platforms. Of the 17 existing applicants, 11 have been granted licenses. Hong Kong Legislative Council member Qiu Tadao said that most of the remaining applicants are relatively small in scale, some lack industry experience, and some are traditional financial institutions trying to enter the VATP (virtual asset trading platform) business, but have not yet established a presence in the Web3 field. Under strict regulation, many industry insiders worry that even if operators are granted licenses, it will be difficult for them to sustain profitability.
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