Hong Kong Finance Bureau: It may indirectly participate in the regulation of stablecoins, and it is expected that comprehensive audit and accounting guidelines will be issued within 1-3 years.

According to ChainCatcher, Hong Kong's Chairman of the Accounting and Financial Reporting Bureau, Sun Deji, said in his latest interview that 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. 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. Sun Deji also revealed that the Hong Kong Finance Bureau may 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 the past, clarifying how to audit licensed institutions and how to confirm, measure and disclose financial statements.