On 16 January 2025, the Hong Kong Securities and Futures Commission (HK SFC) published details of a new streamlined licensing process that now applies to all new applicants for a virtual asset trading platform (VATP) licence in its Circular to New Virtual Asset Trading Platforms Seeking to be Licensed – Enhanced Licensing Process and Revamped External Assessments. The key change in the licensing process is that a single external assessment conducted after the virtual asset trading platform licence applicant has implemented all its internal systems and controls has replaced the two-phased external assessment previously required.