The Hong Kong Securities and Futures Commission (SFC) issued a circular on the transitional arrangements for the new licensing regime for virtual asset trading platforms, the transitional arrangements are aimed at providing virtual asset services in Hong Kong before June 1, 2023 , and virtual asset trading platforms that are ready to comply with the SFC's guidelines, provide reasonably sufficient time for them to apply for licenses and review and amend their systems and controls to comply with applicable legal and regulatory requirements . Virtual asset trading platforms that have no intention of applying for a license should proceed to wind down their business in an orderly manner. A virtual asset trading platform that is providing virtual asset services in Hong Kong before June 1, 2023 and has a meaningful and substantive business, may operate during the period from June 1, 2023 to May 31, 2024 (that is, from 2023 Within the first 12 months commencing on June 1), continue to provide virtual asset services in Hong Kong in accordance with the non-violation arrangement without violating the licensing requirements under the Anti-Money Laundering Ordinance. To be eligible for the transitional arrangement, virtual asset trading platforms must have provided virtual asset services in Hong Kong by 1 June 2023.