CoinVoice has recently learned that the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Leung Fung-yee, stated that the first phase of on-site review of virtual asset trading platforms (VATP) has been completed in succession. The deficiencies found in the on-site review have been notified to the applicant platforms, who are required to make improvements.

Liang Fengyi added that the Hong Kong Securities and Futures Commission will announce the next phase of the plan in due course. Platforms that meet the standards will be conditionally licensed. Application platforms that receive the SFC's notice of deficiencies need to submit plans to the SFC for improvement. Like the previous VATP transition period, the next phase of the plan will also add a deadline. Those who fail to meet the conditions within the deadline will lose the "deemed license" and orderly end their Hong Kong business. [Original link]