The Hong Kong Securities and Futures Commission (SFC) plans to hire additional staff to ensure \”better oversight\” of activities by local virtual asset service providers (VASPs). The report is by the South China Morning Post.
According to the document, the size of one of the SFC’s departments will be increased by four positions. In the regulator’s view, this will allow a more effective assessment of compliance requirements and risks.
\”This is a response to the growing number of operators who have expressed interest in conducting virtual asset activities, such as trading platforms and fund management,\” the Commission clarified.
Previously, media reported plans for the SFC to allow retail investors to directly invest in cryptocurrencies. Currently, such an opportunity exists only for professionals with portfolios of at least $1 million.
In October 2022, the Hong Kong Financial Services and Treasury Bureau published a statement on relaxing restrictions on digital assets and willingness to engage with VASP.
In the same month, former BitMEX CEO Arthur Hayes outlined plans for China to return to the crypto industry with the help of Hong Kong.
In early 2023, Hong Kong’s financial secretary Paul Chan stated his readiness to welcome participants from around the world.