The 12-month transitional period for virtual asset trading platforms in Hong Kong has come to an end, with 11 platforms tentatively considered as licensed. This milestone marks a significant step forward in the regulatory framework for virtual assets in the region.

The Chief Executive of the Hong Kong Securities and Futures Commission, Leung Fung Yee, has stated that further research will be conducted on all applications to ensure they meet regulatory requirements. This thorough review process will involve on-site inspections and the identification of any areas that do not comply with regulations. Institutions that do not meet the required standards will be required to correct these issues or withdraw their applications.

The expectation is that the institutions considered as 'licensed' are well-prepared to meet the regulatory requirements. If they meet the qualifications, it is anticipated that they will gradually receive their licenses before the end of the year. This development is a significant step forward in the regulation of virtual assets in Hong Kong, providing a clear framework for institutions to operate within.

The licensing process is designed to ensure that virtual asset trading platforms in Hong Kong are operating in a safe and secure environment. The regulatory framework is intended to protect investors and maintain market stability. The successful completion of the licensing process will provide a boost to the virtual asset market in Hong Kong, attracting more institutions and investors to the region.

In conclusion, the end of the transitional period for virtual asset trading platforms in Hong Kong marks a significant milestone in the regulatory framework for virtual assets in the region. The licensing process is designed to ensure that institutions operating in the virtual asset market meet regulatory requirements, providing a safe and secure environment for investors. The successful completion of the licensing process will provide a boost to the virtual asset market in Hong Kong, attracting more institutions and investors to the region.