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Hong Kong securities regulator adds crypto personnel for industry supervision

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Hong Kong financial regulators add more staff to prepare for its next wave of industry participation.

Regulators in Hong Kong are stepping up their game when it comes to monitoring the activities of the crypto industry.

According to a Securities and Futures Commission report filed on Feb. 6, it plans to hire four additional staff to “better supervise” the activities of local virtual asset providers. Moreover, the extra oversight will help “better assess the compliance and risk” by allowing retail investors to trade virtual assets on regulated platforms.

This comes at the onset of the introduction of a new licensing regime to allow greater retail crypto investment.were only permitted to serve professional investors, or investors with portfolios of at least $1 million , according to regulators.In December 2022, the new licensing regime was approved as an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Bill.

 

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They made a very good decision.

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Hong Kong securities regulator adds crypto personnel for industry supervisionAccording to the statement, the development is a response to increasing numbers of operators wishing to carry out virtual asset-related activities. They made a very good decision.
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