【Hong Kong Legislative Council Member Wu Jiezhuang: The reserve assets of stablecoins do not necessarily have to be held in Hong Kong, seeking a compromise】Jinse Finance reports that the draft regulations for the supervision of stablecoin issuers have been submitted to the Hong Kong Legislative Council for review this week. Legislative Council Member and Chairman of the Web3 and Virtual Asset Development Subcommittee Wu Jiezhuang pointed out that stablecoins are a fundamental infrastructure for virtual assets. In addition to being used for investment, they can also be used for cross-border payments, serving as an important tool for citizens to participate in virtual assets. However, the current regulatory direction suggests that issuers deposit their reserve assets with Hong Kong banks, which may not comply with the local regulations of individual currency dealers. Efforts will be intensified to communicate with the government and the industry to seek a compromise, such as establishing contracts or bills for mutual recognition between the two places, while not requiring the assets to be held in Hong Kong.