Hong Kong Legislative Council: Thoroughly Deliberating the "Stablecoin Regulation Bill," Reviewing the Development of Web3 Technology Applications in Hong Kong

BlockBeats News, January 25th: The Legislative Council of the Hong Kong Special Administrative Region of China issued its first special newsletter for 2025 titled "Consolidating Hong Kong's Status as an International Financial Center." The document stated that the Legislative Council's Bills Committee is currently conducting a detailed review of the "2024 Companies (Amendment) (No. 2) Bill" and the "Stablecoin Bill" to introduce a mechanism to facilitate the re-registration of overseas companies in Hong Kong and to establish a licensing system for fiat-backed stablecoin issuers. In order to develop financial technology, the Legislative Council's Committee on Internal Affairs has established a subcommittee to examine the application and development of Hong Kong's Web3 and virtual asset technology and to propose recommendations for the implementation of relevant regulations and policies.