[Hong Kong FRC Plans to Hire 15 More Staff to Strengthen AI and Virtual Asset Regulation] The Hong Kong Financial Reporting Council (FRC) has submitted its financial budget for the next fiscal year to the Hong Kong Legislative Council, proposing a 3.5% salary increase and the addition of 15 new positions to support regulatory work in areas such as artificial intelligence (AI) and virtual assets. A previous report by the FRC indicated that companies involved in virtual asset trading would be among the targets of inspections. Challenges faced by auditors include verifying the ownership and existence of virtual assets, valuation complexities, increased fraud risks, and the lack of unified accounting standards for virtual assets.