Odaily Planet Daily News: The Hong Kong Treasury Department and the Hong Kong Monetary Authority jointly issued a consultation summary on the legislative proposals for implementing a regulatory system for issuers of fiat stablecoins in Hong Kong. It was mentioned that, considering that stablecoins are still in their infancy, a considerable number of respondents agreed to the proposal to enact new legislation to implement a regulatory system for issuers of fiat stablecoins, as well as to exclude the issuance of fiat stablecoins from the regulatory system for securities and stored value payment instruments. The Hong Kong Monetary Authority will continue to work with other regulators to jointly build a consistent virtual asset regulatory framework in Hong Kong to avoid regulatory arbitrage. Most respondents support the requirement that the total value of the reserve assets of fiat stablecoins must maintain full reserves at all times, and agree that this is a core element that supports the stability mechanism of stablecoins. (Jinshi)