Hong Kong Institute of Certified Public Accountants Plans to Finalize Virtual Asset Accounting Guidelines Within the Year, Currently in Discussions with HKMA on Stablecoin Rules

Odaily News The newly appointed President of the Hong Kong Institute of Certified Public Accountants, Luo Zhuojian, stated that guidelines are being developed to help the accounting profession and the business community understand how to account for virtual assets. The first part of the guidelines, covering virtual currencies and stablecoins, has already been released. The yet-to-be-announced second part relates to the Hong Kong Monetary Authority's (HKMA) audit requirements for stablecoins. The Institute is currently discussing this matter with the HKMA and expects to release it within 6 months. The third part, focusing on virtual asset accounting guidelines, aims for a launch by the end of the year at the earliest, but it will only be released after further communication and consensus-building with regulators and the industry. (Hong Kong Economic Journal)