HONG KONG—The Hong Kong Securities and Futures Commission (SFC) is hiring four additional people this year to “better supervise” virtual asset (VA) service providers and their activities, as the market regulator readies a new licensing regime to allow for greater retail crypto investment amid the city’s push to revive its status as a hub for such assets.
The additional manpower will be added to the agency’s Intermediaries division to help it “better assess the compliance and risk” of allowing retail investors to trade virtual assets on licensed platforms, the SFC wrote in its 2023-24 budget report submitted to the Legislative Council, according to the South China Morning Post.
A previous regime only allowed licensed trading platforms to serve professional investors, or those with portfolios of at least $1 million, although getting the license was optional, the report stated.
“This is in 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,” the commission wrote.
“Recruiting is our focus, especially because much of our work going forward requires a lot of specific expertise,” SFC chairman Tim Lui said.
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