[Hong Kong Promotes Stablecoin Issuer Framework and Tokenized Asset Development] On September 17, Hong Kong Chief Executive John Lee stated in his fourth Policy Address that Hong Kong is actively advancing the implementation of a stablecoin issuer framework and plans to propose legislative recommendations for licensing regimes related to digital asset trading and custody services. The Hong Kong Monetary Authority (HKMA) will encourage commercial banks to introduce tokenized deposits and promote the application of real tokenized asset transactions, such as using tokenized deposits to settle tokenized money market funds, as well as supporting the regular issuance of tokenized government bonds. Additionally, the Hong Kong Securities and Futures Commission (SFC) is exploring ways to expand the range of digital asset products and services available to professional investors, while ensuring investor protection. At the same time, efforts will be strengthened in international tax cooperation to combat cross-border tax evasion.