Hong Kong Securities Supervision Commission Chief Executive Officer Liang Fengyi said in the latest interview that 11 platforms are considered to be licensed applicants have now undergone the first stage of on-site review, and put forward requirements for these applicants to rectify, with the goal of new progress before the end of the year, including sub-wholesale licensing, applicants who do not meet the requirements will lose the license qualification, and applicants who meet the requirements will be conditionally licensed. In terms of cryptocurrency over the counter (OTC) services, Liang Fengyi pointed out that the Hong Kong Securities Supervision Commission has consulted the industry on the development of a new licensing system for cryptocurrency over the counter services and cryptocurrency custody services, and will also promote the development of a regulatory system for virtual asset trading platforms, support the tokenization of traditional products, and use blockchain and Web 3 basic technologies to promote the establishment of a responsible and secure fintech ecosystem. Complete the entire framework, at least next year.