Hong Kong Regulator Wants to Beef Up Its Staff Covering Virtual Assets

Hong Kong's Securities and Futures Commission (SFC) wants to expand the team handling virtual assets as the city seeks to become a crypto hub.

In its budget report for 2023-4 to the jurisdiction's Legislative Council, the regulator asked for four more posts to be added to headcount in response to more operators expressing interest in operating trading platforms and managing virtual asset funds.

Fund managers wanting to manage more than 10% gross asset value in virtual assets need to apply to the SFC for approval.

Existing service providers wanting to be licensed under the incoming virtual assets service provider regime must apply for a licence before Mar. 1 2024. They will enjoy a transitional period of twelve months.

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