According to Foresight News, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, announced that the one-year transition period for the virtual asset service provider (VASP) licensing system is coming to an end. All Hong Kong VASPs must submit their license applications by February 29th of this year. Any VASPs that fail to submit their applications by the deadline or receive a notice from the Securities and Futures Commission (SFC) stating they will not be granted a license must cease operations in Hong Kong.