Deep Tide TechFlow News, February 28 — According to the Hong Kong Economic Journal, the Hong Kong Financial Reporting Council (FRC) has submitted the upcoming fiscal year's budget proposal to the Hong Kong Legislative Council, proposing a 3.5% salary increase to support regulatory work in key and emerging areas such as artificial intelligence (AI) and virtual assets. The proposal also suggests adding 15 new positions. It is reported that the FRC previously released a report stating that companies involved in virtual asset trading are considered emerging industry projects and will be among the inspection targets. Additionally, auditors currently face challenges including verifying ownership and existence of virtual assets, the complexity of valuation, increased fraud risks, and the lack of unified accounting standards for virtual assets.