The Hong Kong Institute of Certified Public Accountants plans to improve its accounting guidelines for virtual assets within the year and is currently negotiating stablecoin rules with the Hong Kong Monetary Authority According to the Hong Kong Economic Daily, the newly appointed president of the Hong Kong Institute of Certified Public Accountants, Law Cheuk Kin, stated that guidelines are being developed to help the accounting and business sectors understand how to handle virtual assets in accounting. The first part of the guidelines, which involves virtual currencies and stablecoins, has been issued, while the second part, which has not yet been announced, is related to the stablecoin audit requirements of the Hong Kong Monetary Authority. The association is currently in discussions with the Hong Kong Monetary Authority and is expected to release it within six months. The third part of the virtual asset accounting guidelines is expected to be released by the end of the year at the earliest, but it still needs to be communicated with regulatory agencies and the industry to reach a consensus before it can be released.