**Hong Kong VASP Licensing Transition Nears Completion**
According to Odaily, the transition period for licensing Virtual Asset Service Providers (VASP) in Hong Kong is set to conclude this month. The Securities and Futures Commission will determine whether existing service providers can continue operations beyond June. Recently, several platforms have retracted their local license applications.
Xu Jiansheng, the former Chairman of the Hong Kong Computer Society, notes that the costs of running trading platforms in Hong Kong are relatively high. These costs include licensing fees and hiring qualified personnel. Despite the operational efforts, there has not been a notable increase in trading activity on local platforms, and their liquidity lags behind international counterparts.
These platforms have struggled to attract overseas customers, and the market may not sustain a large number of license applicants. Major international platforms, with established overseas operations, might pull back their applications due to profitability concerns in the local market.
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