TechFlow news, September 15 — According to the Sing Tao Daily, Hong Kong's Accounting and Financial Reporting Council (AFRC) chairman Sunny Suen said in a recent interview that under Hong Kong's Stablecoin Ordinance, which took effect on August 1, stablecoin licensees will be required to undergo annual independent audits to ensure transparency and compliance. He added that comprehensive guidelines on stablecoin auditing and accounting treatment are not expected to emerge for another one to three years.
Suen also revealed that the AFRC may indirectly participate in stablecoin regulation. The prudent regulatory approach adopted would likely resemble the earlier licensing framework for virtual banks (now known as digital banks), setting clear standards for auditing licensed institutions and specifying how assets should be recognized, measured, and disclosed in financial statements.
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