According to Odaily Planet Daily, Hong Kong Financial Services and the Treasury Bureau Deputy Secretary Chan Ho-lim stated at the Legislative Council's Web3 and Virtual Asset Development Subcommittee meeting that the authorities are currently drafting the second draft of the legal currency stablecoin issuer supervision regulations and strive to submit it to the Legislative Council for deliberation before the end of this year.
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Hong Kong plans to submit a draft regulation on fiat stablecoins by the end of the year
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