Hong Kongs Securities and Futures Commission (SFC) seeks to increase its number of staff, with more than half of the extra roles dedicated to the regulation of crypto, according to a two-year budget plan presented to the legislative council, the region’s legislative organ known as Legco.

Despite freezing of its number of employees in three of the five financial years since 2020, it seems to add another 15 people, eight of whom will be dedicated to crypto as the regulator promotes its commitment to regulating the industry.

“Eight of the proposed new number of staff are to improve staffing support for virtual activation regulations, market surveillance and enforcement surveys,” the budget said Monday.

Growth is coming as Hong Kong’s administration faces a budget deficit expected to reach $ HK100 million ($ 13 million) this year and is likely to advertise budget cuts later this month, South China Morning Post reported.

In June 2023, Hong Kong launched a new licensing regime for crypto companies. Last year, it said it would also licenses stablecoin providers. The country’s stableecoin bill is still being discussed.