Odaily News At the 2024 Hong Kong SmartCon conference held by ChainLink, Chan Ho-lim, Deputy Secretary for Financial Services and the Treasury of Hong Kong, said that the Hong Kong government had previously completed a public consultation on the regulatory framework for stablecoins and received more than 100 opinions from stakeholders and market participants within two months. At present, relevant departments of the Hong Kong government are completing the necessary preparations and plan to submit a draft stablecoin legislation to the Legislative Council before the end of the year. Subsequently, a second round of public consultation will be conducted on the regulatory proposal for over-the-counter virtual asset transactions and a licensing system for virtual asset custody service providers will be proposed to ensure that the safe custody of digital assets meets international standards.