The virtual asset industry faces a reckoning as license renewals highlight widespread capital impairment. BizWatch reports that over half of virtual asset operators, including those seeking renewal or already renewed, are struggling financially. This financial strain casts a shadow over the industry's future. While major exchanges like Upbit and Bithumb remain relatively stable, many smaller operators face "severe financial difficulties," according to BizWatch. This raises concerns about the stability of the virtual asset market and the potential impact on investors. The license renewal process is acting as a critical stress test, exposing vulnerabilities within the sector. Further consolidation or stricter regulations may be necessary to ensure the long-term health of the virtual asset ecosystem. ```