According to the Hong Kong Government Press Release, the Secretary for Financial Services and the Treasury, Hui Cheng-yu, moved the Second Reading of the Stablecoin Bill in the Legislative Council today and hopes to pass it as soon as possible. The key points of the regulatory system include the following three: (1) Licensees must maintain a robust reserve stability mechanism to ensure that the stablecoin reserve assets are composed of high-quality and highly liquid assets, with a total value at least equal to the denomination of the fiat currency stablecoin in circulation at all times, and are properly segregated and safeguarded; (2) Stablecoin holders should have the right to redeem stablecoins from the issuer in denominations, and the redemption request must be processed without unreasonable fees and within a reasonable time; (3) A series of anti-money laundering, risk management, disclosure requirements and audit and fit and proper person