During the debate on the motion of thanks for the Chief Executive's 2024 Policy Address at the Hong Kong Legislative Council meeting yesterday, Hong Kong Financial Services and the Treasury Secretary Paul Chan revealed that a draft bill will be submitted to the Legislative Council this year to regulate the issuers of fiat stablecoins and to adjust the proposals for regulating virtual asset over-the-counter trading services. The goal is to complete the second round of public consultation next year and submit a proposed licensing system for regulating virtual asset custody service providers. (Hong Kong Government News Release)