[Hong Kong Secretary for Justice: Issuance of fiat-backed stablecoins requires licensing] Hong Kong Secretary for Justice Paul Lam Ting-kwok stated that in recent years, stablecoins pegged to fiat currencies have developed rapidly. Anyone issuing fiat-backed stablecoins or stablecoins claiming to be pegged to the value of the Hong Kong dollar in Hong Kong must apply for a license from the Financial Authority. Issuers must comply with regulations on reserve asset management, redemption, and more, including properly segregating client assets and maintaining a sound stability mechanism.