Hong Kong Securities and Futures Commission Completes Initial VATP Inspections

According to Odaily, the Chief Executive Officer of the Hong Kong Securities and Futures Commission (SFC), Leung Fung-yee, announced that the first phase of on-site inspections for Virtual Asset Trading Platforms (VATP) has been completed. The deficiencies identified during these inspections have been communicated to the applicant platforms, with instructions for necessary improvements. Leung added that the SFC will announce the next phase of plans in due course. Platforms that meet the standards will receive conditional licenses. Those platforms that have been notified of deficiencies must submit improvement plans to the SFC. Similar to the previous VATP transition period, the next phase will also have a set deadline. Platforms that fail to meet the conditions within this timeframe will lose their 'deemed licensed' status and will be required to orderly wind down their operations in Hong Kong.