Hong Kong’s Securities and Futures Fee (SFC) is seeking to enhance its headcount, with greater than half the added roles devoted to regulating crypto, in accordance with a two-year funds plan introduced to the Legislative Council, the area’s legislative physique generally known as Legco.
Regardless of freezing its headcount in three of the 5 monetary years since 2020, it’s trying so as to add one other 15 folks, eight of whom will likely be devoted to crypto because the regulator furthers its dedication to manage the trade.
“Eight of the proposed new headcount is for enhancing the staffing assist for digital asset regulatory regimes, market surveillance and enforcement investigations,” the funds introduced on Monday stated.
The expansion comes as Hong Kong’s administration faces a funds deficit that’s forecast to achieve $HK100 million ($13 million) this 12 months and is prone to announce funds cuts later this month, the South China Morning Submit reported.
In June 2023, Hong Kong initiated a new licensing regime for crypto firms. Final 12 months it stated it will additionally license stablecoin providers. The nation’s stablecoin invoice is still being discussed.
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