According to online reports, the Secretary for Financial Services and the Treasury of Hong Kong, Mr Hui Cheng-yu, announced that anyone engaging in regulated stablecoin activities must obtain a license, including: conducting the business of issuing legal currency stablecoin in Hong Kong, conducting the business of issuing Hong Kong dollar stablecoin, or actively promoting the issuance of its legal currency stablecoin to the Hong Kong public. The focus of the regulatory system includes the following three: (1) In terms of reserves, licensees must maintain a prudent stabilization mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets, with a total value at all times equal to the denomination of the legal tender stablecoins in circulation, and are properly separated and kept;(2) To ensure that holders of stablecoins are properly protected, holders should have the right to redeem stablecoins at face value from the issuer, and redemption requests must be processed without unreasonable fees and within a reasonable time; and (3) a series of requirements related to anti-money laundering, risk management, disclosure and audit, and suitable candidates.