According to techinasia, the Legislative Council of Hong Kong, China, discussed the proposed stablecoin bill on January 23. This was the first meeting of the bill since its first reading on December 18, 2024. Key officials, including Deputy Secretary General for Financial Services and the Treasury Francis Ho, outlined the regulatory framework for stablecoins. The bill requires issuers to obtain a license from the HKMA and maintain a reserve of high-quality, highly liquid assets. The proposed legislation aims to ensure compliance and stability, supporting Hong Kong's strategy to attract international cryptocurrency firms. On the same day, a Legislative Council subcommittee reviewed the licensing framework for crypto trading platforms.