PANews February 13 News, according to Hong Kong Economic Daily, the new President of the Hong Kong Institute of Certified Public Accountants, Lo Cheuk Kin, stated that guidelines are being developed to help the accounting industry and business community understand how to handle virtual assets in accounting. The first part of the guidelines involving virtual currencies and stablecoins has been issued. The second part, which has not yet been announced, relates to the Hong Kong Monetary Authority’s stablecoin audit requirements. The institute is currently discussing this with the HKMA and expects to release it within six months. The third part, the virtual asset accounting guidelines, is targeted for release by the end of the year, but it will only be launched after further communication and consensus with regulators and industry stakeholders.
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