Hong Kong Accounting and Financial Reporting Council and Securities and Futures Commission Extend Financial Reporting and Audit Regulation to Virtual Asset Service Providers

The Accounting and Financial Reporting Council (AFRC) has announced the signing of a new Memorandum of Understanding with the Securities and Futures Commission (SFC) to expand regulatory cooperation beyond the oversight of financial reporting and related audit work for listed entities, covering the financial and compliance reporting of licensed corporations, SFC-licensed virtual asset service providers, SFC-authorised funds and registered open-ended fund companies, as well as the related audit and assurance work conducted by their auditors.