Hong Kong Financial Services and the Treasury Secretary Paul Chan proposed the second reading of the Stablecoin Bill at the Legislative Council meeting. The key points of the regulatory system include: licensees need to maintain a sound reserve mechanism to ensure that stablecoin reserve assets are composed of high-quality, highly liquid assets, with a total value at least equal to the face value of the fiat stablecoins in circulation, and are properly separated and kept. Stablecoin holders s...

Hong Kong Financial Services and the Treasury Secretary Paul Chan proposed the second reading of the Stablecoin Bill at the Legislative Council meeting. The key points of the regulatory system include: licensees need to maintain a sound reserve mechanism to ensure that stablecoin reserve assets are composed of high-quality, highly liquid assets, with a total value at least equal to the face value of the fiat stablecoins in circulation, and are properly separated and kept. Stablecoin holders s...