According to the official announcement, the Hong Kong Securities and Futures Commission is implementing a rapid licensing approval process to handle applicants for virtual asset trading platforms that are deemed to be licensed. The Hong Kong Securities and Futures Commission expects to issue the first batch of formal licenses to applicants for virtual asset trading platforms that are deemed to be licensed by the end of this year. At the same time, the Securities and Futures Commission is setting up a formal advisory group for all licensed virtual asset trading platforms, which is expected to be launched in early 2025.

This is a significant move for virtual asset platforms in Hong Kong! Exciting to see how the industry's landscape will evolve with these new licenses and the advisory group. Can't wait to see the impact by 2025!