Hong Kong regulators expand financial reporting oversight to licensed crypto firms
Hong Kong’s Securities and Futures Commission (SFC) and Accounting and Financial Reporting Council (AFRC) signed a new memorandum of understanding to broaden cooperation on financial reporting, audits, and compliance oversight. The agreement now covers SFC-licensed virtual asset service providers, licensed corporations, registered open-ended fund companies, and authorized funds. It creates a framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations. The new MoU replaces a 2021 agreement with the former Financial Reporting Council, which was renamed AFRC in 2022. Regulators said the expansion will strengthen oversight across a wider range of financial and crypto-related activities as Hong Kong continues building out its digital asset rules.
