According to online reports, Hong Kong Deputy Secretary for Financial Services and the Treasury Chan Ho-lien said in an opening speech at a meeting of the Hong Kong Legislative Council's Web3 and Virtual Asset Development Subcommittee on the protection of virtual asset investors and users that the "Stabilized Coin Bill" was submitted to the Legislative Council at the end of last year. The bill will resume its second reading debate on Wednesday (May 21) to effectively deal with the potential risks posed by legal currencies and stable currencies to monetary and financial stability. If the Bill is passed, the regulatory system will be implemented as soon as possible within this year, and relevant preparatory work has been started, including the preparation of regulatory guidelines and the production of publicity and education materials.