Hong Kong Regulators Expand Crypto Oversight Through New MoU

Hong Kong regulators have expanded their oversight of financial reporting to cover licensed crypto firms. The Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) signed a new memorandum of understanding (MoU), which extends regulatory cooperation on financial and compliance reporting for various entities.

The MoU covers SFC-licensed virtual asset service providers, licensed corporations, registered open-ended fund companies, and authorized funds. It also addresses 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.