Hong Kong's SFC and AFRC Sign MoU Bringing Licensed Crypto Firms Under Full Financial Reporting and Audit Oversight

Hong Kong's SFC and the Accounting and Financial Reporting Council (AFRC) signed a new memorandum Monday, bringing licensed virtual asset service providers under a joint framework for financial reporting, audits, and compliance, replacing a 2021 deal. It covers SFC-licensed VASPs, licensed firms, and fund companies, with information-sharing and joint inspection mechanisms. The 2021 MoU predated crypto's inclusion; the body was renamed AFRC in 2022. SFC Chair Kelvin Wong said the deal brings "more comprehensive regulation" to Hong Kong's financial industry.