ChainCatcher news reports that the Hong Kong Financial Reporting Council (FRC) has submitted the upcoming fiscal year’s budget to the Hong Kong Legislative Council, proposing a 3.5% salary increase to support regulatory work in key and emerging areas such as artificial intelligence (AI) and virtual assets, and suggesting the addition of 15 new positions.
According to reports, the Hong Kong FRC previously released a report stating that companies involved in virtual asset trading are considered emerging industry projects and will be among the inspection targets. Additionally, auditors currently face challenges including verifying ownership and existence of virtual assets, valuation complexities, increased fraud risks, and the lack of unified accounting standards for virtual assets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Vancouver "Bitcoin Reserve" Dream Shattered! City Hall Staff "This Reason" Suggests Withdraw Proposal
Vancouver Mayor Ken Sim proposed establishing a "Bitcoin Strategic Reserve," but city officials assessed that Bitcoin does not meet legal investment standards and recommended that the city council withdraw the proposal. According to the report, Bitcoin is not classified as a legal asset and requires reallocation of human resources to align with municipal priority plans. The Ministry of Municipal Affairs of British Columbia has already stated that local governments are not permitted to include cryptocurrencies in their financial reserves to avoid risks.
区块客1h ago
House Pushes Back on Senate’s 2030 CBDC Ban Expiry
United States Congress is debating a CBDC ban after lawmakers challenged the Senate’s 2030 expiration clause.
Ted Cruz proposed an amendment to remove the sunset clause and make the CBDC prohibition permanent.
House lawmakers oppose the temporary ban, warning it could allow a future U.S.
CryptoFrontNews2h ago
U.S. Treasury Report Proposes AML rules for DeFi Sector
U.S. Department of the Treasury recommended AML and counter-terror financing rules for DeFi platforms.
The report proposes a digital asset “hold law” allowing institutions to freeze suspicious crypto funds during
CryptoFrontNews4h ago
U.S. financial regulators bypass Basel Accords to promote the development of tokenized securities, with several major financial institutions launching pilot programs
The U.S. financial regulatory agencies led by Trump are bypassing the Basel Accords to promote the development of tokenized securities, believing that technology-neutral regulatory strategies should be provided. Several financial institutions have taken this opportunity to initiate related pilot projects.
GateNews4h ago
South African Economist Flags Authoritarian Risks in CBDCs
Economist Dawie Roodt has issued a warning that central bank digital currencies could become tools for authoritarian control due to their “programmable” nature.
The Authoritarian Risk
South African economist Dawie Roodt warned that central bank digital currencies, or CBDCs, could become
Coinpedia7h ago
People's Bank of China Governor Pan Gongsheng: Maintain high-pressure efforts to crack down on illegal financial activities such as virtual currency speculation
People's Bank of China Governor Pan Gongsheng stated at the National People's Congress that over the past year, China's financial risks have been effectively controlled, and the financial market has operated stably. In the future, efforts will continue to crack down on illegal financial activities, maintain financial stability, assess the impact of external shocks, and implement policy measures to manage risks.
GateNews8h ago
