The Hong Kong Institute of Certified Public Accountants plans to improve its accounting guidelines for virtual assets this year and is currently in discussions with the Hong Kong Monetary Authority regarding stablecoin rules.

According to Odaily Odaily, the newly appointed president of the Hong Kong Institute of Certified Public Accountants, Law Cheuk-kin, stated that guidelines are being drafted to help the accounting and business communities understand how to handle virtual assets in accounting. The first part of the guidelines, concerning virtual currencies and stablecoins, has already been released. The yet-to-be-published second part relates to the Hong Kong Monetary Authority's (HKMA) audit requirements for stablecoins, and the Institute is currently discussing this with the HKMA, with an expected release within six months. The third part of the virtual asset accounting guidelines aims to be released as early as the end of the year, but this will require further communication and consensus with regulators and the industry before its release. (Hong Kong Economic Journal)