Hong Kong Financial Services and the Treasury Bureau: It is expected that comprehensive stablecoin audit and accounting guidelines will be introduced within 1-3 years.

[Hong Kong Financial Reporting Council: Comprehensive stablecoin audit and accounting guidelines expected to be introduced within 1-3 years] Sun Deji, chairman of the Hong Kong Institute of Accountants and Financial Reporters, stated that the stablecoin industry in Hong Kong is still in its infancy. If a large number of detailed audit standards are hastily formulated at this stage, it may be detrimental to the industry. It is expected that comprehensive stablecoin audit and accounting guidelines will only be introduced in Hong Kong in 1 to 3 years. According to the 'Stablecoin Ordinance' that came into effect in Hong Kong on August 1, licensed stablecoin holders are required to undergo independent audits annually to ensure transparency and compliance. Sun Deji indicated that the Hong Kong Financial Reporting Council may only participate indirectly in the regulation of stablecoins. The cautious regulatory strategy for stablecoins should be similar to the licensing of virtual banks (now referred to as digital banks) back in the day, clarifying how audits are conducted on licensed institutions, as well as how confirmation, measurement, and disclosure are handled in financial statements.