Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury of Hong Kong, stated that Hong Kong has continued to advance the regulation of virtual assets. The Stablecoins Ordinance has entered into force, and the Hong Kong Monetary Authority (HKMA) is processing license applications from fiat-backed stablecoin issuers. A regulatory framework governing virtual asset trading, custody, advisory and management services will be submitted to the Legislative Council within this year. The government also plans to implement the OECD Crypto-Asset Reporting Framework, with the automatic exchange of cross-border ... (full story)