Hong Kong regulators have expanded their cooperation on financial reporting and audits to cover licensed crypto firms.On Monday,the Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) signed a new memorandum of understanding extending their cooperation on financial reporting,audit and compliance to SFC-licensed virtual asset service providers.This agreement replaces a 2021 memorandum and establishes a framework for information sharing,case referrals,mutual assistance as well as coordinated inspections and investigations.According to SFC Chair Kelvin Wong,this expanded cooperation will provide more comprehensive oversight across a broader range of entities and activities in Hong Kong’s financial sector.
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