Odaily News Fung-yee Leung, CEO of the Hong Kong Securities and Futures Commission, said that the first phase of on-site reviews of virtual asset trading platforms (VATP) have been completed. The deficiencies found in the on-site reviews have been notified to the applicant platforms, who are required to make improvements. Fung-yee Leung added that the Hong Kong Securities and Futures Commission will announce the next phase of the plan in due course. Platforms that meet the standards will be conditionally licensed. Applicant platforms that receive deficiencies pointed out by the SFC need to submit plans to the SFC for improvement. Like the previous VATP transition period, the next phase of the plan will also add a deadline. Those who fail to meet the conditions within the deadline will lose the "deemed license" and orderly end their Hong Kong business. (Ming Pao)