Hong Kong Securities Regulator Hires More Staff to Supervise Crypto Industry

Hong Kong’s Securities and Futures Commission (the SFC) is hiring more staff to supervise crypto industry activities. According to its 2023-24 budget report, the SFC plans to hire four additional staff to “better supervise” virtual asset (VA) service providers (VASPs) and their activities under the new VASP licensing regime which takes effect on 1 June 2023. The new staff will be hired by the Intermediaries Division to help it “better assess the compliance and risk” of allowing retail investors to trade virtual assets on regulated platforms. The report notes that the hiring of additional staff is a response “to an increasing number of operators who have expressed interest in carrying on VA activities such as trading platforms and the management of VA funds.”

Sources: https://cutt.ly/E3Qnuul

CH-019964 (Webpage Portal) 2023-02-13 (Published) 2023-02-13 (Updated)