SFC flagged 13 banks handling 70%+ of 430 active listing applications — some principal bankers supervising 19 deals simultaneously. 53% more licenses helps the headline number, but HK is also rolling out stablecoin issuer licenses and VA dealer/custodian regimes in parallel, all pulling from the same shallow compliance talent pool. With listing proceeds tracking toward a $45B six-year high and digital asset regulation expanding fast, both TradFi and crypto pipelines are fighting over the same regulatory specialists that barely exist right now.

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