Hong Kong’s Securities and Futures Commission (SFC) plans to expand its team by 15 new staff members, with eight dedicated to enhancing the regulation of virtual assets. This move comes as part of a two-year budget plan presented to the Legislative Council. Despite facing a budget deficit projected to hit $HK100 million ($13 million) this year, the SFC is committed to strengthening its oversight of the crypto industry. In June 2023, Hong Kong introduced a licensing regime for crypto companies, and it is currently working on legislation for stablecoin providers. The SFC’s focus on crypto regulation is evident as it aims to improve market surveillance and enforcement investigations in this sector.
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