CryptoWorld News reports that, according to a press release from the Hong Kong government, Xu Zhengyu, the Secretary for Financial Services and the Treasury of the Hong Kong Government, said in the Legislative Council that Hong Kong will require licensed stablecoin issuers to invest reserve assets in eligible assets such as bank deposits and high-quality, highly liquid bonds, and to hold them in banks in Hong Kong. The Hong Kong Monetary Authority (HKMA) may impose additional regulatory requirements as it deems appropriate. The HKMA will promote the coordination and integration of compliant stablecoins with other new payment tools. Only the purchase of regulated stablecoins from designated regulated institutions is protected under the Stablecoin Ordinance; purchasing unregulated stablecoins through unregulated channels is at your own risk.