According to ChainCatcher, Hong Kong Financial Services and the Treasury Bureau's Deputy Secretary, Chan Ho-lim, stated at the Legislative Council's Web3 and Virtual Asset Development Subcommittee meeting that the authorities are currently drafting a second draft of the ordinance to implement a regulatory system for issuers of fiat stablecoins in Hong Kong, and will strive to submit the draft to the Legislative Council for deliberation before the end of this year.