Hong Kong SFC Doubles Down on Crypto Regulation With Workers Hires

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Hong Kong SFC Doubles Down on Crypto Regulation With Workers Hires

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, based on a two-year price range plan offered 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 wanting so as to add one other 15 folks, eight of whom can 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 price range offered on Monday stated.

The expansion comes as Hong Kong’s administration faces a price range deficit that’s forecast to succeed in $HK100 million ($13 million) this 12 months and is more likely to announce price range cuts later this month, the South China Morning Publish reported.

In June 2023, Hong Kong initiated a brand new licensing regime for crypto firms. Final 12 months it stated it might additionally license stablecoin suppliers. The nation’s stablecoin invoice continues to be being mentioned.





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