The Hong Kong Institute of Certified Public Accountants plans to improve virtual asset accounting guidelines within the year and is negotiating stablecoin regulations with the Hong Kong Monetary Authority.

PANews, February 13—According to the Hong Kong Economic Times, the new president of the Hong Kong Institute of Certified Public Accountants, Lo Cheuk-kin, stated that guidelines are being developed to help the accounting and business sectors understand how to handle virtual assets in accounting. The first part of the guidelines, which involves cryptocurrencies and stablecoins, has already been released. The second part, which has not yet been published, relates to the Hong Kong Monetary Authority's audit requirements for stablecoins. The Institute is currently in discussions with the Hong Kong Monetary Authority on this matter and expects to release it within six months. The third part of the virtual asset accounting guidelines is targeted for release by the end of the year at the earliest, but it will only be launched after further communication and consensus with regulators and the industry.