"The first reading of the Stablecoin Bill, Hong Kong is striving to become the core of global digital assets!"
The Hong Kong Legislative Council held the first reading of the Stablecoin Bill today, establishing a regulatory framework for issuers of fiat stablecoins. This legislation marks the further institutionalization of Hong Kong in the field of virtual assets. OSL Executive Director and Head of Regulatory Affairs Diao Jiajun pointed out that Hong Kong's obvious advantage is that many institutions (including OSL) have been licensed by the Securities and Futures Commission and have a complete intermediary regulatory system. In contrast, Western countries are still in the policy discussion stage, and the United States in particular faces many uncertainties.
The advancement of this legislative process not only consolidates Hong Kong's institutional advantages in the field of stablecoins, but also lays the foundation for it to establish a hub for global stablecoin supervision and development.
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