The Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly released consultation conclusions on regulatory proposals for stablecoins. During the two-month consultation period, they received a total of 108 submissions from industry associations, professional organizations, and market participants. The majority of stakeholders who participated in the consultation process expressed support for the introduction of regulatory regimes to regulate fiat reference stablecoin (FRS) issuers.