Hong Kong Accountants to Finalize Virtual Asset Guidelines by Year-End

The Hong Kong Institute of Certified Public Accountants is in the process of completing guidelines aimed at assisting accountants and businesses in managing virtual asset accounting. According to NS3.AI, the initial segment, which focuses on virtual currencies and stablecoins, has already been published. Meanwhile, discussions with the Hong Kong Monetary Authority regarding stablecoin auditing rules are still underway. The comprehensive virtual asset accounting standards are anticipated to be finalized and released by the end of this year following consultations with regulators and industry stakeholders.