Golden Finance reported that the bill to regulate stablecoin issuers has been submitted to the Hong Kong Legislative Council for review this week. Wu Jiezhuang, a member of the Legislative Council and chairman of the Web3 and Virtual Asset Development Subcommittee, pointed out that stablecoins belong to the infrastructure of virtual assets. In addition to using You can also make cross-border payments for investment, which is the market It is an important tool for citizens to participate in virtual assets. However, the current regulatory direction recommends that issuers hand over reserve assets to Hong Kong banks for safekeeping. This may not be in compliance with the local regulations of individual currency dealers. We will step up communication with the government and the industry to find a compromise, such as formulating a contract between the two places or The bills are mutually recognized and the assets are not required to be stored in Hong Kong.