"The applicants and their controllers have by and large taken up our feedback, and they are willing to commit resources to rectify issues and take a long-term view in developing their business in a regulated environment," Yip said.
"Once those exchanges have implemented changes in line with the SFC's feedback, they will be handed licenses for restricted operations," Yip said at the event on Monday.
Hong Kong vowed to foster a digital-asset hub in 2022 as part of an effort to burnish the city's standing following a political crackdown that had dulled its appeal.
By early 2025, the regulator will form a consultative panel with the authorized exchanges to foster closer cooperation, Yip said.
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