Internet reports that Hong Kong's "Stable Coin Bill" officially came into effect on August 1. This is to establish a licensing system for issuers of legal currency stable coin in Hong Kong and improve the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting Financial innovation. After the implementation of the Stability Coin Ordinance, anyone who issues legal currency stablecoins in Hong Kong in the course of business, or issues legal currency stablecoins in or outside Hong Kong that claim to anchor the value of Hong Kong dollars must apply for a license from the Monetary Authority. Relevant persons must comply with requirements on reserve asset management and redemption, including proper separation of customer assets, maintenance of sound stabilization mechanisms, and processing redemption requests from holders of stablecoins on a par basis under reasonable conditions. Relevant persons must also meet a series of anti-money laundering and terrorist financing, risk management, disclosure requirements, and audit and suitable candidates requirements. The Monetary Authority will conduct further consultation on the detailed regulatory requirements of the system in due course. (CCTV News)