Recently, the market reaction to the implementation of the Hong Kong Stablecoins Act has been quite negative. 1. The issuance time has been postponed, and I thought it was time for the unveiling of the list. However, I was told that the application process is only starting now!! 2. Priority should be given to large institutions to play first. 3. High compliance costs will inhibit innovation, and bottom-up innovation is unlikely to be achieved. 4. Retail and DeFi restrictions, how can Hong Kong cash withdrawal shops be located in the future? 5. The preparation period for issuing licenses is too short for Hong Kong stablecoins