On the 21st, the Hong Kong Legislative Council passed the "Stablecoins Bill" to establish a licensing system for fiat stablecoin issuers in Hong Kong, improve the regulatory framework for virtual asset activities, maintain financial stability, and promote financial innovation. After the implementation of the regulation, anyone who issues fiat stablecoins in Hong Kong during the business process, or issues fiat stablecoins claiming to anchor the value of the Hong Kong dollar in Hong Kong or outside, must apply for a license from the Monetary Authority. Relevant parties must comply with regulations on reserve asset management and redemption, including properly separating customer assets, maintaining a sound stability mechanism, and handling redemption requests from stablecoin holders at face value under reasonable conditions. The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Xu Zhengyu, stated that the regulation adheres to the principle of "same activities, same risks, same supervision", focuses on risk-based approach, and strives to create a stable regulatory environment. It not only meets international regulatory requirements, but also provides a stable foundation for the Hong Kong virtual asset market. The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, stated that he believes a stable and appropriate regulatory environment can create favorable conditions to support the healthy, responsible, and sustainable development of the stablecoin and digital asset ecosystem in Hong Kong. The regulation is expected to come into effect within this year. (New Society)