TechFlow News — According to the Sing Tao Daily, Wu Jiezheng, chairman of the Legislative Council's Subcommittee on Web3 and Virtual Asset Development in Hong Kong, stated that while the draft regulations for stablecoin oversight have been submitted to the legislature, the current requirement for issuers to hold reserve assets in Hong Kong banks may conflict with local regulations of some stablecoin operators. He suggested exploring compromise solutions such as mutual recognition agreements or negotiable instruments between jurisdictions, ensuring investor protection without mandating asset storage in Hong Kong. Lui Chi-hung, Head of Digital Assets at Deloitte China Hong Kong, believes Hong Kong’s stablecoin regulation is leading in the Asia-Pacific region and expects related regulatory issues to be progressively resolved.
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