CryptoWorld News reports, citing aasstocks, that Hong Kong Financial Secretary and Secretary for Financial Services and the Treasury, Xu Chengyu, stated that the Hong Kong Monetary Authority (HKMA) has issued stablecoin issuer licenses in April this year to two banking-backed institutions. The regulated stablecoins issued by the aforementioned institutions are expected to be rolled out gradually from mid-year to the second half of the year. Licensed issuers must keep reserve assets stored in Hong Kong banks and invest in eligible assets such as bank deposits and high-quality, highly liquid bonds. The government and the Securities and Futures Commission (SFC) will submit a draft bill to the Legislative Council within this year to establish a more comprehensive regulatory regime covering virtual asset trading, custody, advisory and management services.