Hong Kong won't set transitional arrangements for virtual asset service providers Acting Secretary for Financial Services and the Treasury, Joseph Chan, stated that to avoid regulatory ambiguity, there are no plans to set transitional arrangements for existing virtual asset trading service providers. All relevant institutions must contact regulatory authorities as soon as possible to initiate pre-application procedures. Engaging in trading, custody, advisory, or management services requires a license unless exempted. Currently, 6 platforms are still under review.