The Hong Kong Institute of Certified Public Accountants plans to improve virtual asset accounting guidelines within the year and is currently discussing stablecoin rules with the HKMA

In comparison, Law Cheuk-kin, the new president of the Hong Kong Institute of Certified Public Accountants, said that guidelines are being developed to let the accounting industry and the business community understand how to handle virtual assets in accounting. Currently, the first part of the guidelines relating to virtual currencies and stablecoins has been issued, while the second part, which has not yet been published, relates to the Hong Kong Monetary Authority's stablecoin audit requirements. The Association is currently discussing this with the Hong Kong Monetary Authority and is expected to be released within 6 months. The third part of the virtual asset accounting guidelines will be launched as soon as the end of the year, but it is still necessary to communicate and obtain agreement with regulators and the industry before launching them. (Hong Kong Economic Times)