TechFlow News: On February 28, according to the Hong Kong Economic Journal, the Hong Kong Institute of Certified Public Accountants and Financial Reporting Authority (the “Authority”) submitted its proposed fiscal budget for the next financial year to the Hong Kong Legislative Council, seeking a 3.5% salary increase to support regulatory work in key and emerging areas—including artificial intelligence (AI) and virtual assets—and recommending the creation of 15 new positions. According to a prior report issued by the Authority, enterprises engaged in virtual asset trading fall under its “emerging industry projects” initiative and will be among the targets of its inspections. Additionally, auditors currently face challenges including verifying ownership and existence of virtual assets, complexities in valuation, heightened fraud risks, and the absence of unified accounting standards for virtual assets.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / support@techflowpost.com ICP License: 琼ICP备2022009338号
