Founder of Nano Labs: The withdrawal of VASP license applications by leading exchanges is not good for the development of Web3 in Hong Kong

ChainCatcher news, Jack Kong, founder of Nano Labs, director of Hong Kong Cyberport Management Company, and member of the Hong Kong Third Generation Internet Development Task Force, posted on social media that leading exchanges have withdrawn their VASP (Virtual Asset Service Provider) license applications in Hong Kong. This will not have a significant impact on these exchanges, but it is not a good sign for the development of Web3 in Hong Kong.

He stated that the U.S. Securities and Exchange Commission has begun to follow the trend, and Hong Kong regulators need to keep up; otherwise, the Hong Kong government's efforts to develop Web3 will face greatly increased difficulties. Nevertheless, he remains optimistic about Hong Kong and will continue to express policies that he believes are beneficial for Hong Kong's development.