Hong Kong regulators expand financial reporting oversight to licensed crypto firms
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Hong Kong regulators signed a new memorandum that extends financial reporting, audit and compliance cooperation to licensed virtual asset service providers. The change also covers audited balance sheets, proof-of-reserves and compliance submissions for crypto firms, while a wider framework now includes assurance work for licensed virtual asset service providers and other regulated entities.
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What it means
Licensed virtual asset service providers in Hong Kong are the firms that immediately face the new oversight arrangement, along with the auditors and compliance functions that work with them. The added reporting and audit cooperation means these entities now operate under a more formalised review setup than before, and that change is visible as soon as the new memorandum and framework take effect.
In practice, crypto firms now have to provide audited balance sheets, proof-of-reserves and compliance documents in a way that was not stated before. What remains the same is that the firms are still licensed virtual asset service providers or other regulated entities; the new material adds reporting and assurance obligations on top of that status. (per ambcrypto.com)
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