Hong Kong’s securities regulator has proposed an expansion of its workforce to enhance its efforts to establish the region as a leading cryptocurrency hub.
In its 2025-2026 financial year budget plan, the Securities and Futures Commission (SFC) has outlined a plan to add 15 new positions. Of these, eight will be dedicated to supporting staffing for virtual asset regulatory frameworks, market surveillance, and enforcement investigations.
The SFC presented its budget on Monday during a Legislative Council meeting, projecting a recurrent expenditure of HK$2.59 billion ($332.4 million) for the fiscal year starting April 1, 2025. This marks a 7.2% increase from the forecasted expenditure for 2024-2025. A significant portion of this budget increase is attributed to a rise in staff costs, totalling HK$130.5 million ($16.7 million), which includes a 2.1% average salary increase. The SFC also highlighted that it had frozen its headcount in three financial years since 2020-21.
In a separate document released, the SFC highlighted that it had assigned staff with expertise in licensing and supervision to handle crypto-related regulatory tasks. However, the regulator acknowledged that it could only conduct on-site inspections of about 200 licensed corporations in 2023, falling short of its target of 300.
This report follows the SFC’s efforts to issue new cryptocurrency trading licenses after thoroughly reviewing applicant platforms. Ye Zhiheng, Executive Director of the SFC’s Intermediary Department, revealed that approval announcements could come by the end of Q1 2025. As chair of Hong Kong’s Fintech Advisory Group, Zhiheng also noted that the SFC completed on-site inspections of nearly all applicants in 2024, clearly outlining eligibility requirements. Crypto platforms were given ample time to address compliance issues during the review process. The results are evident: on January 27, the SFC granted its first two licenses for 2025, officially approving PantherTrade and YAX as licensed crypto exchanges.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
