According to BlockBeats, on October 8, Hong Kong Securities and Futures Commission CEO Leung Fung-yee said that the first phase of on-site reviews of virtual asset trading platforms (VATPs) have been completed in succession. The deficiencies found in the on-site reviews have been notified to the applicant platforms, requiring them to make improvements.
Liang Fengyi added that the Hong Kong SFC will announce the next phase of the plan in due course. Platforms that meet the standards will be conditionally licensed. Application platforms that receive deficiencies pointed out by the SFC will 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 will be able to close their Hong Kong business in an orderly manner.
