Xu Zhengyu: Will submit a draft of virtual assets ordinance to the Legislative Council within the year.

According to the app of Wisdom Finance, on June 24th, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui responded to questions from legislators by stating that when formulating regulations for stablecoins under the Stablecoin Ordinance, the Hong Kong government has fully considered the potential risks of stablecoins to the financial system. It clearly requires licensed stablecoin issuers to implement corresponding risk management measures, including investing reserve assets in bank deposits, high-quality and highly liquid bonds, and other eligible assets, and to be stored in Hong Kong banks. If necessary, the Hong Kong Monetary Authority can impose additional regulatory requirements on licensed entities as needed to ensure financial stability.