The Hong Kong Securities and Futures Commission (SFC) is looking to expand its team to deal with license applications.
The Hong Kong Securities and Futures Commission wants to strengthen its staff to streamline and speed up pre-regime transactions.
Hong Kong Regulatory Authority to Expand Team
The Hong Kong Securities and Futures Commission (SFC) will expand its team that manages digital assets as the city strives to become a crypto hub.
The regulator has asked for four more tasks to be added to the headcount in response to more operators expressing an interest in operating trading platforms and managing virtual asset funds in the jurisdiction’s Q4 2023 budget report to the Legislative Council.
Thus, fund managers who want to manage more than ten percent of the gross asset value in virtual assets will have to apply to the SFC for approval. Approval processes will go through SFC.
Existing service providers wishing to be licensed under the inbound virtual assets service provider regime will need to apply for a license before March 1, 2024. Applications will benefit from a twelve-month transition period.
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