ChainCatcher message, according to the Hong Kong government press release, the Secretary for Financial Services and the Treasury, Christopher Hui, today moved the second reading of the "Stablecoin Bill" at the Legislative Council meeting and hopes to pass it as soon as possible. The regulatory framework reportedly focuses on the following three points:

(1) Licensees must maintain a robust reserve stabilization mechanism to ensure that the reserve assets backing the stablecoin consist of high-quality and highly liquid assets, with a total value at any time at least equal to the face value of the circulating fiat-backed stablecoins, and properly segregated and safeguarded;

(2) Stablecoin holders should have the right to redeem stablecoins from the issuer at face value, with redemption requests processed without unreasonable fees and within a reasonable time;

(3) A series of requirements must be specified to combat money laundering, manage risks, disclose regulations, and audit and appropriate personnel.