PANews reported on January 22 that according to Hong Kong media Ta Kung Pao, the relevant bill committee of the Hong Kong Legislative Council reviewed the Stablecoin Bill for the first time yesterday. The bill is expected to be passed and become law within a few months. Ho Siu-hong, Deputy Secretary-General of the Hong Kong Financial Services and the Treasury Bureau, said that stablecoin products issued in Hong Kong or overseas with reference to the Hong Kong dollar must obtain a license. License holders must maintain a robust reserve stabilization mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets, with a total value at least equal to the face value of the circulating legal currency stablecoins at any time, and must be properly separated and kept.

According to Ho Hon Kit, Assistant Director (Monetary Management) of the Hong Kong Monetary Authority, some licensed companies of stored value payment facilities are currently participating in the sandbox trial of cross-border payments, but Hong Kong's stablecoin is still in the sandbox testing stage, and it is hoped that the process can be accelerated.