Hong Kong's stablecoin bill plans to resume second reading debate at Legislative Council meeting on May 21

On April 30th, the Secretary for Financial Services and the Treasury of Hong Kong, Patrick Hui, spoke at the Legislative Council meeting on the resumption of the second reading debate on the "2025 Appropriations Bill". He stated that according to the latest Global Financial Centre Index report, Hong Kong's ranking in financial technology has further jumped five places to fourth in the world. We will take multiple measures to promote the vigorous development of financial technology, enhance the competitiveness of Hong Kong's financial services industry, and better support the real economy. In terms of virtual assets, we are about to release the second policy statement on virtual assets, outlining our policy vision and direction for the next steps. At the same time, we will consult on the licensing system for off exchange trading and custody services of virtual assets as soon as possible within the year. The stablecoin bill is scheduled to resume its second reading debate at the Legislative Council meeting on May 21st. After the draft regulation is passed, the Hong Kong Monetary Authority (HKMA) will approve the license application as soon as possible. The above measures will continue to improve our regulatory and market development framework, further promoting the flourishing development of Hong Kong's virtual asset ecosystem.