Deputy Secretary for Financial Services and the Treasury of Hong Kong: Strive to submit the regulatory draft for fiat-backed stablecoins to the Legislative Council for review by the end of this year

ChainCatcher news, Hong Kong's Under Secretary for Financial Services and the Treasury, Chen Haolian, stated at the Legislative Council's Web3 and Virtual Assets Development Subcommittee meeting that the authorities are currently drafting the second version of the regulations for implementing a regulatory system for fiat-backed stablecoin issuers in Hong Kong, aiming to submit the draft to the Legislative Council for review by the end of this year.