The Hong Kong Institute of Certified Public Accountants plans to improve virtual asset accounting guidelines within the year and is negotiating stablecoin regulations with the Hong Kong Monetary Authority.
PANews, February 13—According to the Hong Kong Economic Times, the new president of the Hong Kong Institute of Certified Public Accountants, Lo Cheuk-kin, stated that guidelines are being developed to help the accounting and business sectors understand how to handle virtual assets in accounting. The first part of the guidelines, which involves cryptocurrencies and stablecoins, has already been released. The second part, which has not yet been published, relates to the Hong Kong Monetary Authority's audit requirements for stablecoins. The Institute is currently in discussions with the Hong Kong Monetary Authority on this matter and expects to release it within six months. The third part of the virtual asset accounting guidelines is targeted for release by the end of the year at the earliest, but it will only be launched after further communication and consensus with regulators and the industry.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A HYPE whale transferred 266,600 tokens worth approximately $24.29 million to exchanges within three days.
Former senior official of the Bank of Japan predicts that a rate hike in October is "a real possibility," with a very low probability of postponement until next year
A former executive director in charge of monetary policy at the Bank of Japan stated that the Bank of Japan may raise its benchmark interest rate for the second consecutive month at the October policy meeting, which would be earlier than most economists expect.
Falling Oil Could Trigger a 10% Stock Market Rally, Says Wall Street Strategist
Bitcoin falls below $84,000, down 0.32% in 24 hours.
Crypto prices
More
