According to Odaily, the licensing system for Hong Kong's virtual asset trading platforms officially came into effect on June 1, 2023. The one-year transition period for unlicensed platforms ended on May 31, 2024. However, it was observed on June 26 that unlicensed platforms registered with a Hong Kong ID could still trade using existing funds. The licensing system was introduced to regulate the virtual asset trading platforms and ensure a secure trading environment. Despite the end of the transition period, some unlicensed platforms continue to operate, raising concerns about the effectiveness of the licensing system. The authorities are expected to take further action to enforce the regulations and ensure compliance among all trading platforms.
