TechFlow reported that Hong Kong Financial Services and the Treasury Secretary, Paul Hui, delivered an important speech at the Legislative Council meeting on November 14, emphasizing that Hong Kong will accelerate the legislative process of the virtual asset industry. He said that the government will submit a draft bill to the Legislative Council this year to regulate issuers of fiat stablecoins. At the same time, Hong Kong is adjusting regulatory proposals for virtual asset over-the-counter services, with the goal of completing the second round of public consultation in 2025 and submitting a proposed licensing system for virtual asset custody service providers. In addition, Paul Hui revealed that Hong Kong has issued a policy declaration at the recent Hong Kong Fintech Week 2024, expounding on the policy stance and guidelines for the responsible application of artificial intelligence in the financial market.