PANews reported on March 17 that in the "Let's BUILD, link the future, and create a new Hong Kong Web3 ecosystem" AMA event held by OSL, Hong Kong SAR Legislative Council member Wu Jiezhuang revealed that the legal currency stablecoin bill is in the Legislative Council review stage, and the Hong Kong Monetary Authority (HKMA) will subsequently initiate the relevant license application work to provide a clearer compliance framework. At the same time, Hong Kong plans to initiate an opinion hearing on OTC and custody licenses, and intends to start legislation at the end of the year to ensure that online and offline OTC trading platforms are effectively regulated and promote market security and transparency.

In addition, Wu Jiezhuang mentioned that the 20 new regulatory measures announced by the Hong Kong Securities and Futures Commission (SFC) during the Consensus conference in February this year, including inviting top global exchanges to apply for licenses, simplifying the listing process for compliant exchanges, and opening up pledge and derivatives businesses, are all long-term positives for the market and worthy of attention.