Hong Kong’s Securities and Futures Commission (SFC) is set to strengthen its cryptocurrency regulatory workforce in the upcoming fiscal year 2025-26. The SFC’s newly released budget proposal outlines plans to introduce 15 additional positions, with eight specifically focused on virtual asset regulation.
This move comes as Hong Kong aims to position itself as a leading hub for cryptocurrency and digital asset innovation. The additional resources are expected to enhance the SFC’s ability to oversee market activity, conduct enforcement investigations, and ensure compliance within the crypto sector.
The SFC’s increased budget and staffing plans reflect the growing importance of virtual asset regulation within the commission’s broader mandate. The fiscal year 2025-26 budget anticipates an overall expenditure of HK$2.59 billion (approximately $332.4 million), marking a 7.2% increase from the previous year’s forecast.
The SFC has acknowledged that its current capacity for oversight has been strained, with on-site inspections of licensed entities falling short of targets in 2023. The regulator’s expansion plans are intended to address these gaps, ensuring stronger supervision and more frequent inspections of licensed crypto firms operating in Hong Kong.
As Hong Kong continues to strengthen its crypto oversight, the SFC’s latest staffing and budget plans demonstrate the region’s commitment to creating a robust regulatory framework for the cryptocurrency market. This development is likely to attract more legitimate crypto businesses to Hong Kong while deterring fraudulent activities, ultimately contributing to the growth and maturity of the global crypto ecosystem.
Tags: Hong Kong SFC, crypto regulation, virtual assets, budget increase, staffing plans
Source: https://bitcoinist.com/hong-kongs-sfc-strengthens-crypto-oversight/