John O'Loghlen, managing director of the Asia-Pacific region and director in Australia, said that he withdrew from the Japanese market a year ago. Although Japan has recently relaxed token restrictions, the variety of tokens is still very limited and the platform must have at least 10 actual employees, which is quite challenging from a business perspective. John O'Loghlen also said that there are no plans to start business in Hong Kong at this stage. If an international platform enters the Hong Kong market, it may need to change the technology stack of the entire exchange. However, Coinbase has already started to provide custody for local ETFs in Hong Kong and is also in talks with HSBC about a sub-custodian plan for ETFs.