According to online reports, data disclosed by Hong Kong Media Economic News Agency showed that as of June 24, a total of 40 institutions had applied to the Hong Kong Securities and Futures Commission to upgrade license plate 1, that is, upgrade existing securities trading licenses to provide virtual asset trading services through comprehensive account arrangements., including 38 securities firms, 1 bank, and 1 Internet company. It is reported that Chinese-funded securities firms are only for distribution purposes and cannot build their own cryptocurrency exchanges. Instead, they connect customers to existing cryptocurrency trading platforms.