Wu said that according to a Hong Kong government news release, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly released today a consultation summary on legislative proposals for implementing a regulatory regime for issuers of fiat stablecoins in Hong Kong. The summary covers a two-month public consultation that ended in February this year, and received a total of 108 submissions from market participants, industry organizations, chambers of commerce and professional groups. Most respondents supported the introduction of a regulatory regime to properly manage potential monetary and financial stability risks and provide transparent and appropriate supervision. The Secretary for Financial Services and the Treasury, Paul Chan, said that the establishment of a licensing system for issuers of fiat stablecoins will strengthen Hong Kong's virtual asset regulatory framework and align it with international standards.