TechFlow reports that Hong Kong's Financial Secretary, Christopher Hui, delivered an important speech at the Legislative Council meeting on November 14, emphasizing Hong Kong's accelerated legislative progress for the virtual asset industry. He stated that the government will submit a bill to the Legislative Council this year to regulate issuers of fiat-backed stablecoins.
Meanwhile, Hong Kong is refining its regulatory proposals for over-the-counter virtual asset services, aiming to complete a second round of public consultation by 2025 and submit a proposed licensing regime for virtual asset custodian service providers. Additionally, Hui revealed that Hong Kong recently issued a policy statement during the Hong Kong Fintech Week 2024, outlining its policy stance and guidelines for the responsible application of artificial intelligence in financial markets.
