The Hong Kong government is actively promoting the Stablecoin Bill, hoping to bring a more robust regulatory framework to the crypto market. 📊

First, the draft requires licensees to maintain a robust reserve mechanism to ensure that the reserve assets of stablecoins are high-quality and liquid, and the total value must be equal to the face value of the fiat stablecoins in circulation. This means that the value of stablecoins will be more secure. 💼

Second, holders will have the right to redeem stablecoins at face value, and the redemption process must be completed within a reasonable time and no unreasonable fees may be charged. This measure is intended to increase user confidence. 🔄

Finally, the draft also includes provisions on combating money laundering, risk management and information disclosure, providing a more transparent environment for market participants. 📈