According to online reports, Hong Kong Financial Secretary Paul Chan delivered a speech at a forum event on June 21 that the market has recently shown strong interest in digital assets, especially the issuance of stablecoins, which has aroused heated discussions. As an international financial center, Hong Kong must continue to reform and innovate and continue to enhance our competitive advantages. We embrace the development of digital assets and have accelerated the improvement of relevant legal regulatory frameworks in recent years. For example, the virtual asset trading platform licensing system has issued 10 licenses and another eight applications are being processed. We have also just completed legislative work on stablecoins, which will take effect on August 1, making Hong Kong one of the first jurisdictions in the world to establish a statutory regulatory framework for stablecoins.