According to CoinDesk, Reuters research shows that only one year after the Hong Kong Securities and Futures Commission (SFC) announced preliminary provisions for encrypted investment funds, only one encryption fund met the relevant conditions, namely Diginex, which is based in Hong Kong. Reuters said that in addition to Diginex, other funds are withdrawing from Hong Kong to "circumvent" the Hong Kong Securities Regulatory Commission. The study pointed out that although many companies are still applying for approval, they do not really intend to obtain a license, but only to make a surface effort. However, external factors with low volume are still there, including the potential legacy of the bear market, which may make the encryption fund cautious. Jehan Chu, a partner at digital equity venture capital firm Kenetic Capital, said: "The volatility and poor returns in 2018 scared away large organizations, making them afraid to allocate funds to crypto funds, leaving those surviving institutions on hold. Apply for a license plan."