(Bloomberg) -- Hong Kong authorities expect to license more digital-asset exchanges by the end of 2024 after completing a five-month inspection period that had raised doubts about the prospect of further approvals.

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A finalized list of the platforms graduating from a provisional permit to fully licensed will be published by year-end, said Eric Yip, executive director for intermediaries at the Securities and Futures Commission, in a speech at the annual Fintech Week event on Monday.

“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.

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.

But approvals for exchange operators have come slower than expected, with only three platforms fully licensed and a further 11 “deemed-to-be-licensed,” an official list shows. The city’s SFC found unsatisfactory practices at some of those firms during inspections carried out since their provisional approval in June, Bloomberg News reported earlier.

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, adding that they must complete a third-party review in collaboration with the SFC before those restrictions are lifted.

By early 2025, the regulator will form a consultative panel with the authorized exchanges to foster closer cooperation, Yip said. The city is also working to draw up a comprehensive regulatory framework for crypto-focused over-the-counter trading desks and custodians, he added.

In a separate statement on Monday, Hong Kong Exchanges and Clearing Ltd. announced plans to debut a Virtual Asset Index Series to provide more benchmarks for Bitcoin and Ether pricing in Asia-Pacific timezones.

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