At the end of the 12-month licensing transition period for virtual asset trading platforms, 11 platforms have been temporarily deemed to be licensed. Liang Fengyi, chief executive of the Hong Kong Securities Supervision Commission, said that all applications will be further studied to see if they meet regulatory requirements. All institutions that are "deemed to be licensed" will be notified one by one, conduct on-site inspections, and will be required to correct any inconsistencies with supervision. Otherwise, the applicant will withdraw and hope that the relevant institutions will make preparations. If they meet the qualifications, they are expected to be licensed one after another before the end of the year.