Hong Kong’s Securities and Futures Commission (SFC) is looking to increase its headcount, with more than half of the added duties dedicated to regulating crypto, according to a two-year budget plan shown in the legal council , the legal body of the region known as Legco.
Despite the freezing of its headcount of three to five financial years since 2020, it is looking to add another 15 people, eight of them have been focused on the crypto as the regulator expands its promise to fix the industry.
“The eight of the proposed new headcounts are for enhancement staff support for virtual regulations of regulations, market monitoring and implementation investigation,” the budget said on Monday.
Growth has arrived as the Hong Kong administration faces a budget deficiency that is expected to reach $ HK100 million ($ 13 million) this year and likely to announce budget cuts next month, South reported China morning post.
In June 2023, Hong Kong started A new licensing regime For crypto companies. Last year it also said Stablecoin License Givers. The country’s stablecoin bill still discussed.
