OSL: Hong Kong Legislative Council reads the Stablecoin Bill for the first time, which will consolidate its position as a global stablecoin regulatory center

The Hong Kong Legislative Council will hold the first reading of the Stable Currency Bill today, aiming to introduce a regulatory system for fiat currency stable currency issuers in Hong Kong. Diao Jiajun, executive director and head of regulatory affairs at OSL, said that the Hong Kong government continues to strengthen the regulation of virtual assets. Hong Kong has obvious advantages in developing stable currencies, mainly because many companies, including OSL, have become securities and regulatory commission licensed institutions. At the level of intermediary supervision, Hong Kong's legal framework is already in place. In contrast, some Western countries are still in the discussion stage, and there are still many uncertainties in the United States. The advancement of this legislative process will further consolidate Hong Kong's position as a global stablecoin development and regulatory center.