The Hong Kong Institute of Certified Public Accountants plans to improve its accounting guidelines for virtual assets this year and is currently in discussions with the Hong Kong Monetary Authority re

PANews reported on February 13 that, according to the Hong Kong Economic Journal, the newly appointed president of the Hong Kong Institute of Certified Public Accountants, Law Cheuk-kin, stated that guidelines are being developed to help the accounting and business communities understand how to handle virtual assets in accounting. The first part of the guidelines, concerning virtual currencies and stablecoins, has already been issued. The second part, which has not yet been released, relates to the Hong Kong Monetary Authority's (HKMA) audit requirements for stablecoins. The Institute is currently discussing this with the HKMA and expects to release it within six months. The third part of the virtual asset accounting guidelines aims to be launched as early as the end of the year, but it will only be released after communication and consensus with regulators and the industry.