On July 19, 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 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.
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Hong Kong Financial Services and the Treasury Bureau: Strive to submit the legal currency stablecoin regulation draft to the Legislative Council for deliberation before the end of this year
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