The Deputy Secretary for Financial Services and the Treasury of Hong Kong, Mr. Albert Chan, said that the second round of public consultation on the regulation of virtual assets over the counter (OTC) will be completed next year, and the proposed licensing system for regulating virtual asset custody service providers will also be proposed for consultation next year to ensure that the safe custody of digital assets meets international standards. Chen Haolian stressed that the licensing system for virtual asset trading platforms introduced in June last year is an important milestone, and a bill on the establishment of a licensing system for fiat currency stablecoin issuers will be submitted to the Legislative Council before the end of this year to build a security framework for this emerging market. He pointed out that many Financial Institution Groups have chosen to set up regional headquarters or the largest regional business in Hong Kong, which means that third-generation Internet (Web 3) companies can easily access a large number of potential customers, investors and business partners in Hong Kong.