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 ChainCatcher, citing the Hong Kong Economic Journal, the newly appointed president of the Hong Kong Institute of Certified Public Accountants, Law Cheuk-kin, stated that guidelines are being developed 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 second part, which has not yet been published, relates to the Hong Kong Monetary Authority's (HKMA) audit requirements for stablecoins. The Institute is currently discussing this with the HKMA and expects to release it within six months. The third part, the accounting guidelines for virtual assets, aims to be launched as early as the end of the year, but will require further communication and consensus with regulators and the industry before its release.