[Hong Kong Treasury Bureau: Stablecoin issuers must comply with three main requirements: full reserves, redemption services, and governance] Golden Finance reported that the Hong Kong Treasury Bureau stated that in view of the important role of fiat stablecoins in the Web3 and virtual asset ecosystems, and the increasingly close connection between the traditional financial system and the virtual asset market, the SAR government needs to establish a regulatory system for fiat stablecoin issuers to regulate in a risk-based and pragmatic manner. The three main requirements include reserve management and stability mechanisms (for example, requiring issuers to ensure that fiat stablecoins are fully backed by high-quality and highly liquid reserve assets), redemption requirements, and regulatory requirements such as governance, knowledge and experience. The Hong Kong Treasury Bureau also suggested that only licensed fiat stablecoin issuers, banks, licensed corporations, and licensed virtual asset trading platforms can sell fiat stablecoins in Hong Kong or actively promote related services to the public in Hong Kong. For existing stablecoin issuers, the proposed regulatory system will also have corresponding transitional arrangements. The Treasury Bureau also hopes that an appropriate regulatory regime for fiat stablecoin issuers that is in line with international regulatory recommendations can provide sufficient protection for users to address potential risks to monetary and financial stability, allowing Hong Kong's virtual asset ecosystem to develop sustainably and responsibly.