Hong Kong Widens Crypto Oversight with SFC–AFRC Agreement

- Hong Kong regulators extend traditional financial reporting standards to licensed crypto firms - New MoU enables coordinated information sharing and joint enforcement between SFC and AFRC On September 28, 2026, Crypto Briefing reported that Hong Kong’s Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) jointly signed a new Memorandum of Understanding (MoU). The outlet stated that the agreement extends regulatory oversight, financial reporting, audit, and compliance cooperation to licensed virtual asset service providers and subjects crypto companies to the same financial reporting standards that govern traditional securities firms in Hong Kong. As a result, the MoU aims to enhance oversight by enabling coordinated information sharing, case referrals, and joint enforcement activities between the SFC and AFRC. According to Crypto Briefing on September 28, the MoU formalizes a unified approach by Hong Kong regulators toward licensed crypto firms and requires them to adhere to established practices for financial audits and compliance reporting. This alignment therefore places virtual asset companies under equivalent scrutiny as conventional financial institutions in the region and is intended to bolster market integrity. Crypto Briefing further reported on September 28 that the strengthened oversight framework is currently in effect, and both the SFC and AFRC now maintain responsibility for regulatory cooperation, information sharing, and enforcement actions regarding licensed crypto service providers.