According to Techub News, the Treasury and the HKMA yesterday published a consultation summary on the "Legislative Proposal for the Implementation of a Regulatory System for Fiat Stablecoin Issuers in Hong Kong". According to the consultation, the vast majority of respondents believe that it is necessary to introduce a regulatory system for fiat stablecoin issuers to manage potential monetary and financial stability risks and provide transparent and appropriate regulations. The Treasury and the HKMA will finalize the legislative proposals to implement the regulatory system in response to the opinions and suggestions of the respondents, and submit the draft bill to the Legislative Council as soon as possible; the HKMA is also processing the "sandbox" application for stablecoin issuers and will announce the list of participants in the near future. In addition, the consultation document adjusts the minimum paid-up capital requirement for Hong Kong stablecoin issuers to HK$25 million or 1% of the stablecoin circulation.