According to Techub News, Ming Pao reported that Hong Kong Securities and Futures Commission CEO Leung Fung-yee said that the first phase of the on-site review of virtual asset trading platforms (VATP) has been completed. The deficiencies found in the on-site review have been notified to the applicant platform and required to make improvements.  

Leung Fung-yee 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. Applicants who receive deficiencies pointed out by the Securities and Futures Commission need to submit plans to the Securities and Futures Commission for improvement. Like the previous VATP transition period, the next phase of the plan will also add a deadline. Those who fail to meet and meet the conditions within the deadline will lose the "deemed license" and orderly end their Hong Kong business.