Hong Kong Finance Bureau: It is expected to issue comprehensive stablecoin audit and accounting treatment guidelines within 1-3 years

According to Sing Tao Global Network, Hong Kong Accounting and Financial Reporting Bureau Chairman Sun Deji said that the Hong Kong stablecoin industry is still in its infancy. If a large number of detailed audit standards are being formulated at present, it may be detrimental to the industry. It is expected that Hong Kong will have the opportunity to issue comprehensive stablecoin audit and accounting treatment guidelines in the next 1 to 3 years. According to the Stablecoin Ordinance that came into effect on August 1, stablecoin licensees must undergo independent audits every year to ensure transparency and compliance. Sun Deji said that the Hong Kong Finance Bureau may only indirectly participate in the supervision of stablecoins. The prudent regulatory strategy that will be adopted for stablecoins should be similar to the issuance of virtual banks (now called digital banks) in that year, clarifying how to audit licensed institutions and how to confirm, measure and disclose financial statements.