Hong Kong Expands Audit Oversight to Crypto Firms
Published
Hong Kong’s Securities and Futures Commission and Accounting and Financial Reporting Council signed a memorandum of understanding on September 28 that expands regulatory cooperation to SFC-licensed virtual asset service providers. The arrangement also covers financial reporting and audit checks for licensed crypto firms.
What this rests on
What it means
Licensed virtual asset service providers in Hong Kong are the group that notices this first, because the Securities and Futures Commission and the Accounting and Financial Reporting Council now have a formal cooperation channel covering them. That means financial reporting and audit oversight sit more directly inside the regulatory relationship for firms already licensed by the SFC.
In practice, the new memorandum adds an audit and reporting layer to the oversight already tied to licensed crypto firms. What is not shown here is any change to the licensing rules themselves or to day-to-day business activities outside those checks. (per coinpedia.org)
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