According to the press release of the Hong Kong Special Administrative Region Government, Hong Kong published the "Stable Currency Bill" in the Gazette today to introduce a regulatory system for fiat currency stable currency issuers in Hong Kong. The "Bill" aims to improve the regulatory framework for virtual asset activities to deal with the potential risks posed by fiat currency stablecoins to financial stability, ensure that users have adequate protection, and leverage the benefits that virtual assets and related technologies can bring. Under the proposed licensing system, any person carrying out any of the following activities must first obtain a license from the Monetary Authority: (i) In the course of business, issue fiat stablecoins in Hong Kong; (ii) In the course of business, issue fiat currency stablecoins that claim to be anchored to the value of the Hong Kong dollar; or (iii) Actively promote the issuance of its fiat currency stablecoin to the Hong Kong public. In order to effectively implement the system, the Bill also proposes to give the Monetary Authority the necessary supervisory, investigative and enforcement powers. The Bill will be submitted to the Legislative Council for its first reading on December 18.