Hong Kong regulators are expanding the recruitment of positions responsible for virtual assets

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) has requested to add four more positions in its 2023-24 budget report submitted to the Legislative Council of the region to cope with the increasing number of operating trading platforms and managing virtual asset funds.
It is reported that under the Virtual Asset Service Provider (VASP) regime, fund managers managing more than 10% of the total asset value in virtual assets must apply for approval from the SFC. Existing service providers must apply for a license by March 1 and have a 12-month transition period. Two individuals closely working with the SFC indicated that the regulatory body is short-staffed. Currently, about five to seven people are responsible for virtual asset-related work. (CoinDesk)