The Hong Kong Legislative Council is discussing the "Stablecoin Bill" today and reviewing the Cryptocurrency Exchange License Framework.

BlockBeats News, January 23rd. According to a report by techinasia, the Hong Kong Legislative Council discussed the proposed "Stablecoin Bill" on January 23rd. This was the first meeting regarding 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 efforts to attract international cryptocurrency companies strategically.

On the same day, a subcommittee of the Legislative Council reviewed the licensing framework for cryptocurrency exchanges.