Hong Kong’s Securities and Futures Commission (SFC) has proposed expanding cryptocurrency regulatory staff in response to Hong Kong’s growing crypto ambitions.
Hong Kong’s Crypto Regulatory Team Expansion Plan
The SFC presented the 2025-2026 budget on Monday where it proposed 15 new vacancies, with eight focused on enhancing the staffing support for virtual asset regulatory regimes, market surveillance, and enforcement investigations.
As per SFC, the recurring expenses for the upcoming fiscal year from April 1, 2025, is projected to reach HK$2.59 billion ($332.4 million). The expenses amount to a 7.2% rise compared to the estimated expenditure for 2024-25.
SFC had recently highlighted in another document that it has assigned personnel with expertise in licensing and supervision to handle crypto-related regulatory tasks. Despite these efforts, the commission managed to conduct on-site inspections for only about 200 licensed firms in 2023, falling short of its 300 target.
The budget was highly anticipated as Hong Kong legislator Wu Jiezhuang had previously suggested integrating Bitcoin(BTC) into the city’s fiscal reserves, proposing the use of the Exchange Fund to purchase and hold Bitcoin long-term. Wu’s proposal came against the backdrop of Hong Kong’s growing cryptocurrency industry, which is attracting global funds and talent while increasing transaction stamp tax revenue.
In parallel, Hong Kong’s proposed stablecoin bill is also progressing through the Legislative Council. The bill aims to mandate stablecoin issuers to obtain a license from the Hong Kong Monetary Authority (HKMA). Moreover, the securities watchdog has also accelerated HK’s virtual asset trading platform’s (VATP) licensing process as it consciously aims to become a global crypto hub.
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