[Hong Kong Expected to Introduce Stablecoin Audit Guidelines Within 1-3 Years]
Sun Tak-kei, Chairman of the Hong Kong Accounting and Financial Reporting Council, stated that the stablecoin industry is still in its early stages, and comprehensive audit and accounting treatment guidelines are expected to be introduced within the next 1 to 3 years. According to the Stablecoin Ordinance, which came into effect on August 1, licensed institutions are required to undergo independent audits annually to ensure transparency. Sun Tak-kei mentioned that the Council may indirectly participate in regulation and adopt a prudent approach similar to the licensing of virtual banks, clarifying standards for audits and financial statement processing.
