CoinVoice has recently learned that the draft regulations for the issuance of stablecoins have been submitted to the Hong Kong Legislative Council for review this week. Legislative Council member and chair of the Web3 and Virtual Assets Development Subcommittee, Wu Jiezhuang, pointed out that stablecoins are a fundamental infrastructure of virtual assets. In addition to being used for investment, they can also be used for cross-border payments, serving as an important tool for the public to participate in virtual assets. However, the current regulatory direction suggests that issuers should entrust their reserve assets to Hong Kong banks for safekeeping, which may not comply with the local regulations of individual coin merchants. Efforts will be made to communicate with the government and the industry to seek a compromise solution, such as creating contracts or notes for mutual recognition between the two places, while not requiring the assets to be held in Hong Kong. [Original link]