HK Regulators Broaden Crypto Oversight with New MoU

Hong Kong regulators have expanded their cooperation on financial reporting and audits to cover licensed crypto firms under a new memorandum of understanding (MoU).

The Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) announced the agreement, which extends regulatory cooperation to financial and compliance reporting by SFC-licensed virtual asset service providers, licensed corporations, registered open-ended fund companies, and authorized funds.

The MoU also covers related audit and assurance work and establishes a framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations.

SFC Chair Kelvin Wong said the expanded cooperation would provide 'more comprehensive oversight' across a broader range of entities and activities in Hong Kong's financial sector.