Hong Kong's financial services department has reminded unlicensed virtual asset service providers (VASPs) that they must submit their applications by Feb. 29, or cease operations by May 31. In a blog post, Secretary for Financial Services and the Treasury Christopher Hui said there would be a transitional period for VASPs that were operating before the Securities and Futures Commission (SFC) established a licensing system. Hui warned investors about the volatility and value of virtual assets, and said the SFC is preparing for enforcement work, including issuing notices to disapproved service providers.