The Legislative Council of Hong Kong, China, is discussing the "Stablecoin Bill" today and reviewing the licensing framework for cryptocurrency trading platforms

ChainCatcher news, according to techinasia, the Hong Kong Legislative Council discussed the proposed "Stablecoin Bill" on January 23. This was the first meeting on the bill since its first reading on December 18, 2024. Key officials, including Francis Ho, Deputy Secretary for Financial Services and the Treasury, outlined the regulatory framework for stablecoins.

The bill requires issuers to obtain a license from the Hong Kong Monetary Authority (HKMA) and maintain reserves of high-quality, highly liquid assets. The proposed legislation aims to ensure compliance and stability, supporting Hong Kong's strategy to attract international cryptocurrency companies.

On the same day, the Legislative Council subcommittee reviewed the licensing framework for cryptocurrency trading platforms.