TechFlow news: Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Julia Leung stated that the SFC has progressively completed on-site inspections for the first phase of virtual asset trading platform (VATP) applicants. The deficiencies identified during these inspections have been communicated to the respective applicants, who are required to make improvements accordingly.
Leung added that the SFC will announce details of the next-phase plan in due course. Platforms meeting the criteria will be granted conditional licenses. Applicants that have received notifications from the SFC regarding deficiencies must submit remediation plans. Similar to the previous VATP transitional period, the next-phase plan will include a deadline; platforms failing to meet the requirements by the deadline will lose their "deemed licensed" status and must orderly wind down their operations in Hong Kong.
