According to industry insiders, Hong Kong virtual asset trading platform (VASP) license applicants include exchanges that previously held the No. 1 and No. 7 licenses. There are many companies operating over-the-counter (OTC) virtual asset trading outside the market, such as virtual currency exchange shops. The Hong Kong Financial and Treasury Bureau has previously consulted on the regulation of virtual asset OTC. The insider expects that after the transition period expires, if the existing platforms operating in Hong Kong have not submitted their applications, they may either end their business in Hong Kong or continue operating overseas or even underground.