According to Ming Pao, the Hong Kong Financial Services and the Treasury Bureau stated that after the virtual asset service provider licensing system came into effect in June last year, the authorities and the HKMA consulted the public on the proposed regulatory system for Hong Kong stablecoin issuers at the end of last year, and will soon publish a consultation summary to prepare a draft bill for the Legislative Council to review. Given the important role of fiat stablecoins in the Web3 and virtual asset ecosystems, the government needs to establish a regulatory system for fiat stablecoin issuers to provide protection for users.