Hong Kong regulators enhance oversight of licensed crypto firms

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Hong Kong's Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) have signed a Memorandum of Understanding (MoU). This agreement expands cooperation on financial reporting, auditing, and compliance for licensed virtual asset service providers.

Key facts

• The SFC and AFRC in Hong Kong have entered into a Memorandum of Understanding (MoU).
• This accord formalizes expanded cooperation on financial reporting, auditing, and compliance matters.
• The agreement extends oversight to virtual asset service providers licensed in Hong Kong.
• The collaboration aims to strengthen the regulatory framework governing these entities.
• The SFC and AFRC will engage in more coordinated efforts to ensure adherence to reporting and auditing standards.