Hong Kong’s Securities and Futures Commission (SFC) is looking to increase its staff size, focusing on regulating cryptocurrencies. According to a two-year budget plan shared with the Legislative Council of the region, the SFC wants to add eight roles dedicated to crypto regulation.

Key Points:

• Hong Kong’s SFC is planning to bolster its cryptocurrency regulation efforts by adding eight new roles.
• The plan comes despite a freeze in hiring for three out of five financial years since 2020.

“Eight of the proposed new headcount is for enhancing the staffing support for virtual asset regulatory regimes, market surveillance and enforcement investigations,” the budget presented recently stated.

This staffing increase comes even as Hong Kong grapples with a budget deficit expected to reach HK$100 million (around $13 million) this year, with anticipated budget cuts looming.

In June 2023, Hong Kong kicked off a new licensing regime for crypto companies, and plans to impose regulations on stablecoin providers are also underway, with the stablecoin bill still being reviewed.