The Hong Kong Securities and Futures Commission is set to expand its workforce, with a significant portion of the new positions focused on cryptocurrency regulation, as outlined in a two-year budget proposal submitted to the Legislative Council. Despite a hiring freeze in recent years, the commission plans to add 15 new staff members, with eight dedicated to crypto regulation.
This move is part of the regulator's efforts to strengthen its oversight of the crypto industry. The recruitment drive comes amid a forecasted budget deficit of $HK100 million for the current year, with potential budget cuts on the horizon. Hong Kong has been actively developing its crypto regulatory framework, introducing a new licensing regime for crypto companies in June 2023 and proposing to license stablecoin providers, with the stablecoin bill currently under discussion.