Original sourceCointelegraph
Summary
Hong Kong's Securities and Futures Commission and the Accounting and Financial Reporting Council signed a new memorandum of understanding expanding cooperation on financial reporting, auditing and compliance to licensed virtual asset service providers, licensed corporations, registered open-ended f…
Key points
- For crypto firms licensed in Hong Kong, financial reporting and auditing will fall within tighter cross-agency cooperation.
- Bringing financial reporting and auditing into virtual asset supervision means Hong Kong's compliance requirements for licensees extend from business conduct to financial disclosure.
- Licensed VASPs and funds should expect more frequent coordinated inspections and information sharing, and must adjust internal audit and disclosure processes in advance.
Editorial note
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