Wu Jiezhang: The fiat stablecoin bill is under review by the Legislative Council, with plans to launch OTC and custody license legislation by the end of the year

ChainCatcher news, during the AMA event "Let's BUILD, Link the Future, Co-create Hong Kong's Web3 New Ecosystem" held by OSL, Hong Kong Legislative Council member Wu Jiezhuang revealed that the Hong Kong fiat-backed stablecoin bill is currently under review by the Legislative Council. The Hong Kong Monetary Authority (HKMA) will soon follow up with the licensing application process to provide a clearer and more robust compliance pathway for the market. Additionally, Hong Kong will initiate a public consultation on OTC and custody licenses and plans to start legislation by the end of the year to ensure that both online and offline OTC trading platforms are under effective regulation, creating a safer and more transparent market environment.

Wu Jiezhuang further stated that the Hong Kong Securities and Futures Commission announced 20 new regulatory measures during Consensus this February, including inviting top global exchanges to apply for licenses in Hong Kong, simplifying the compliance process for exchanges to list tokens, and opening up staking/contract and other derivative businesses, all of which are long-term potential benefits.