Wu Jiezhuang: The legal currency stablecoin bill is under review by the Legislative Council, and the legislation of OTC and custody licenses is planned to be launched by the end of the year

Odaily News At the "Let's BUILD, Connect the Future, and Create a New Web3 Ecosystem in Hong Kong" AMA event held by OSL, Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, revealed that the Hong Kong legal currency stablecoin bill is in the Legislative Council review stage, and the Hong Kong Monetary Authority (HKMA) will follow suit to apply for a license to provide the market with a clearer and more robust compliance path. In addition, Hong Kong will launch an opinion hearing for OTC and custody licenses, and plans to initiate legislation by the end of the year to ensure that both online and offline OTC trading platforms are under effective supervision and to build a safer and more transparent market environment.
Wu Jiezhuang further stated that the Hong Kong Securities and Futures Commission announced 20 new regulatory measures during the Consensus in February this year, including inviting top global exchanges to apply for licenses in Hong Kong, simplifying the listing process for compliant exchanges, and opening up derivatives businesses such as pledge/contracts, all of which are potential long-term benefits.