Hong Kong is advancing its virtual asset regulatory framework, as announced by Financial Secretary Christopher Hui. The newly enacted Stablecoin Ordinance is now in effect, with the Hong Kong Monetary Authority processing license applications for fiat-backed stablecoin issuers. Additionally, a regulatory system for virtual asset trading, custody, advisory, and management services is set to be submitted to the Legislative Council within the year. The government also plans to implement the OECD's crypto asset reporting framework, aiming to commence automatic cross-border tax information exchange by 2028.