🚀 Hong Kong is stepping up its game in the crypto world! A new stablecoin bill was presented for its second reading, aiming to create a solid legal framework for stablecoin issuers. Key points include:

- Issuers must hold reserves equal to circulating stablecoins, ensuring redemption at face value.

- The HKMA will oversee licensing and compliance to maintain market integrity.

- This move distinguishes Hong Kong from Mainland China's strict crypto policies.

What are your thoughts on this regulatory approach? Share in the comments! 💬