In an interview, Leung Fung-yee, CEO of the Hong Kong Securities and Futures Commission, said that the development of the regulatory system for virtual asset trading platforms, supporting the tokenization of traditional products, and using blockchain and Web3 basic technologies, "the entire framework will be completed at least next year." The Securities and Futures Commission announced the strategic priorities for 2024 to 2026, including maintaining market resilience, enhancing the global competitiveness and attractiveness of Hong Kong's capital market, leading the transformation of the financial market with technology and ESG, and improving institutional resilience and operational efficiency. Regarding the virtual asset trading platform (VATP), Leung Fung-yee said that the Securities and Futures Commission has issued the third license to the Hong Kong Virtual Asset Exchange (HKVAX), and the other two licensed companies include OSL Exchange and HashKey Exchange. In addition, there are 11 platforms that are considered as licensed applicants. Leung Fung-yee said that the first phase of on-site review has been carried out and requirements have been made for these applicants to make rectifications. The goal is to have new progress before the end of the year, including batches of licensing. "Applicants who do not meet the requirements will lose their eligibility for licensing, and applicants who meet the requirements will be conditionally licensed." Regarding cryptocurrency over-the-counter (OTC) services, Leung Fung-yee said that the SFC has sought industry opinions on a new licensing system for cryptocurrency over-the-counter services and cryptocurrency custody services. (Hong Kong 01)