According to a report in Hong Kong 01, Liang Fengyi, chief executive of the Hong Kong Securities Supervision Commission, said in an interview that it will take at least next year to promote the development of the regulatory system of virtual asset trading platforms, support the tokenization of traditional products, and use blockchain and Web3 basic technologies to complete the entire framework. For virtual asset trading platforms (VATP), Liang Fengyi said that the Securities Supervision Commission has issued the third license to the Hong Kong Virtual Asset Exchange (HKVAX), and the other two that have been licensed include OSL Exchange and HashKey Exchange. Another 11 platforms are considered to be licensed applicants. Liang Fengyi said that the first stage of on-site review has been carried out and requests have been made for these applicants to rectify. The goal is to have new progress before the end of the year, including wholesale licensing. Over the counter (OTC) services, Liang Fengyi said that the Securities Supervision Commission has formulated a new licensing system for cryptocurrency over the counter services and their custody services and solicited industry opinions.