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SFC Boosts Virtual Asset Regulation with 15 New Positions

Coin WorldMonday, Feb 3, 2025 8:06 am ET

1min read

The Hong Kong Securities and Futures Commission (SFC) has submitted a new budget proposal for the upcoming financial year to the Legislative Council's Financial Affairs Panel. The revised deficit forecast for the current financial year (2024/25) is set at HK$1.48 billion, while a deficit of HK$2.38 billion is expected for the 2025/26 fiscal year. Additionally, the SFC has proposed the creation of 15 new positions, with 8 aimed at enhancing manpower support for virtual asset regulatory systems, market surveillance, and enforcement investigations, and 7 focused on strengthening information technology and institutional support.

The SFC's proposal comes as part of a broader effort to strengthen regulation and oversight of virtual assets in the region. The commission has been actively working to address the challenges posed by the rapid growth and evolution of the virtual asset market. The new positions will help the SFC to better monitor and regulate the market, ensuring that it operates in a fair and transparent manner.

The SFC's budget proposal also reflects the commission's commitment to staying ahead of the curve in the rapidly changing financial landscape. The creation of new positions focused on information technology and institutional support will help the SFC to leverage the latest tools and technologies to enhance its regulatory capabilities.

The SFC's efforts to strengthen regulation and oversight of virtual assets are part of a wider trend in the region. Other financial regulators in the region, such as the Monetary Authority of Singapore and the People's Bank of China, have also been taking steps to address the challenges posed by the growth of virtual assets.

As the virtual asset market continues to evolve, it is crucial for regulators to stay ahead of the curve and adapt to the changing landscape. The SFC's budget proposal is a positive step in this direction, demonstrating the commission's commitment to ensuring that the virtual asset market operates in a fair, transparent, and orderly manner.

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