In the context of Hong Kong Special Administrative Region Chief Executive John Lee's latest policy address, which emphasizes promoting economic diversification and innovative technology, the Hong Kong Institute of Certified Public Accountants (HKICPA) recently responded by stating that it is actively formulating accounting and auditing guidelines for virtual assets, with an expected launch in the first half of 2026. This initiative is not only a key part of Hong Kong's efforts to build a comprehensive regulatory framework in the digital asset space but also signifies a milestone acceleration in the compliance process for Web3. When the "trust logic" of virtual assets deeply integrates with the "credit system" of traditional finance, the crypto market may witness an unprecedented "trust explosion," attracting more mainstream capital and institutions.
- Hong Kong Institute of Certified Public Accountants: Dressing Virtual Assets in a "Compliance Cloak"
As the standard setter for the accounting profession in Hong Kong, the HKICPA's actions carry significant implications:
Filling the Gap: The accounting and auditing of virtual assets have long lacked unified international standards, creating substantial uncertainty for institutional investors and traditional enterprises entering the crypto market. The HKICPA's guidelines will effectively fill this gap, providing clear norms for the valuation, disclosure, and auditing of virtual assets.
Enhancing Transparency and Credibility: Unified accounting and auditing standards will greatly enhance the transparency and credibility of virtual assets, reducing the risk of information asymmetry and helping investors more accurately assess the value and risks of virtual assets.
Facilitating Institutional Entry: For strictly regulated traditional financial institutions, the lack of clear accounting and auditing guidelines is one of the main obstacles to large-scale allocation of virtual assets. The introduction of these guidelines will clear the way for these institutions, accelerating their entry into the crypto market.
Consolidating Hong Kong's Position as a Digital Asset Hub: This initiative aligns closely with the Hong Kong SAR government's policies to promote the development of financial technology and innovative technology industries, as well as to further develop the digital asset market. It will further solidify Hong Kong's status as a global digital asset hub, attracting more virtual asset companies and talent.
HKICPA President Paul Chan stated that the Institute welcomes the measures in the policy address that support economic development and enhance capital markets, believing they will help Hong Kong maintain its economic competitive advantage in the new global trade landscape. The Institute is particularly pleased to see the policy address promoting green sustainable finance and low-carbon transformation, as well as innovative technology becoming a new driving force for economic growth in Hong Kong and globally.
- Stablecoins: An Important Driver of Financial Revolution and the "ChatGPT Moment"
In the process of virtual asset compliance, stablecoins play a crucial role. Some believe that stablecoins are entering their "ChatGPT moment," with the industry entering a period of rapid expansion, which may be the right time for many to enter the market.
Value Anchoring and Efficient Circulation: Stablecoins establish anchoring mechanisms with fiat currencies, retaining the advantages of efficient circulation and low costs based on blockchain payments while avoiding the instability of traditional cryptocurrencies, making them a hot topic in current digital financial innovation.
Mainstream Power Support: The legitimacy of stablecoins has been confirmed in relevant legislation in the United States and Hong Kong, which is a significant leverage. The phenomenon of mainstream power simultaneously accepting and supporting disruptive forces is rare in the history of financial innovation and will quickly amplify the influence of stablecoins.
The Intersection of Technology and Credit:
Technological Power: AI digitizes human knowledge and content, while stablecoins digitize human value and property rights. AI digitizes knowledge, thoughts, and behaviors to form intelligence; stablecoins digitize wealth, property rights, and value. AI addresses the questions of "what to produce and how to produce," while stablecoins address "who owns it, how to distribute it, and how to circulate it." AI is like a power plant, generating electricity; stablecoins are like the power grid, determining the distribution and flow of electricity.
Credit Power: Economist Hyman Minsky once said: "Anyone can issue currency; the key is whether someone accepts, recognizes, and uses it." The essence of currency is credit and consensus, and the consensus around stablecoins is continuously expanding, from small-scale use in gray areas to institutional adoption and then to support from mainstream financial institutions, marking its entry into the ChatGPT moment.
- Hong Kong's Comprehensive Layout: Patent Box Mechanism and Intellectual Property Trading
In addition to formulating accounting and auditing standards for virtual assets, Hong Kong is also actively laying out other areas to promote the development of innovative technology:
Patent Box Mechanism: The Hong Kong government has adopted the HKICPA's recommendations and launched measures to complement the existing patent box mechanism, including the introduction of an "Intellectual Property Financing Sandbox" and promoting intellectual property trading to encourage local innovation activities and enhance Hong Kong's competitiveness in related fields. This will provide more financing channels for innovative enterprises and facilitate the circulation and realization of intellectual property value.
Conclusion:
The HKICPA's formulation of accounting and auditing standards for virtual assets is another important milestone in building a comprehensive compliance system in Hong Kong's digital asset space. This will not only dress virtual assets in a "compliance cloak," enhancing their transparency and credibility but also clear obstacles for traditional financial institutions to enter the market on a large scale. Against the backdrop of stablecoins as an important driver of financial revolution and the intersection of technology and credit power, Hong Kong's comprehensive layout indicates that the crypto market will witness an unprecedented "trust explosion." In the future, as more compliance guidelines are implemented, virtual assets will accelerate their integration into the mainstream financial system, bringing new growth momentum to the global economy.
Related Reading: Hong Kong Implements Stablecoin Issuer System, Promoting Tokenized Gold Investment Products
Original Article: “Hong Kong to Roll Out Virtual Asset Accounting Standards by Early 2026, Accelerating Web3 Compliance”
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