Speaking at the opening of the meeting of the Web3 and Virtual Asset Development Subcommittee of the Legislative Council of Hong Kong on the protection of virtual asset investors and users, Deputy Secretary for Financial Services and the Treasury Chan Ho-lam said that the Stablecoin Bill was introduced to the Legislative Council at the end of last year. The bill will resume the second reading debate on Wednesday (May 21) to effectively address the latent risks posed by fiat currency stablecoins to monetary and financial stability. If the Bill is passed, the regulatory system will be implemented as soon as possible within this year, and relevant preparatory work has been started, including the preparation of regulatory guidelines, the production of promotional and educational materials, etc.