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.