Recently, Mr. Ngai Cheong-pong, chairman of the Legislative Council's Working Group on Web3 and Virtual Asset Development, conducted an in-depth investigation into the Web 3.0 industry, uncovering a critical issue: the majority of Web 3.0 companies that have chosen to set up operations in Hong Kong encounter numerous hurdles when trying to open a bank account. Particularly in virtual banks, company shareholders or directors are repeatedly asked to visit Hong Kong personally, with a requirement to maintain a certain deposit, coupled with substantial fees, causing many companies to spend nearly half a year just to complete the account opening process. Although virtual banks offer somewhat easier procedures compared to traditional banks, the prolonged delays for these Web 3.0 companies pose a significant obstacle to their business development in Hong Kong. Mr. Ngai and his team visited over a hundred Web 3.0 companies that established operations in Hong Kong in 2022, among which 83% operate in the virtual assets sector, and 95% opt to open accounts in Hong Kong's virtual banks. The survey revealed that almost three-quarters of the companies were troubled by the multiple visits to Hong Kong and maintaining a fixed deposit, while about two-thirds incurred considerable expenses due to this. Alarming is the fact that more than half of the companies required over six months to successfully open an account, with nearly one in five completing the process within two to five months, and another 3% failing to open an account at all. These findings underscore the urgent need for optimization in Hong Kong's Web3 ecosystem, particularly in terms of policy and financial environment, to promote healthy and sustainable industry growth.