As a Hong Kong cryptocurrency practitioner, reading this article is heartbreaking. The weak Hong Kong crypto ecosystem can no longer withstand mutual attacks among peers. In the trend where the gap between the East and West is becoming increasingly visible, can Chinese builders unite to form a force to build the ecosystem and desperately catch up?

This article points out many issues with Hashkey, which, in the opinion of practitioners, fundamentally indicates that the development of Hong Kong's crypto ecosystem is 'loud thunder, little rain'!

Various compliance frameworks, sandboxes, and bills are at the forefront of the world, closely following the United States. Hong Kong has a complete range of financial products for various crypto assets, including ETF/RWA, but the lively media coverage cannot hide the slow overall business development in Hong Kong. The trading volume of licensed exchanges, the issuance and trading volume of BTC ETFs, are worlds apart from industry-leading players, not to mention that the issuance volume of stablecoins is still 0.

As the player with the most comprehensive layout in Hong Kong's crypto business, many of the issues pointed out in the article are a microcosm of the overall development difficulties faced by the Hong Kong crypto industry. Under a collapsing nest, how can there be complete eggs? OSL cannot be an exception; the narrative of stepping on one and lifting another will only make it seem very biased.

The article's title should be 'Compliance Leaps Forward, Business Sees No Improvement, What’s Wrong with Hong Kong?' Under compliance, we must dare to face the bleak and bloody business data.

The practitioner here calls on all industry professionals and regulatory departments concerned about Hong Kong's development to put aside prejudices, analyze issues, engage in dialectical discussions, jointly propose solutions, and put them into practice, so that Hong Kong can once again become the world's financial center. We do not have much time left.