The Hong Kong Legislative Council has passed the Stablecoin Bill in its third reading, setting the stage for a new licensing regime for fiat-backed stablecoin issuers
The Hong Kong Legislative Council has passed the Stablecoin Bill in its third reading, setting the stage for a new licensing regime for fiat-backed stablecoin issuers. The legislation, which aims to boost innovation while enhancing investor protections, will allow institutions to apply to the Hong Kong Monetary Authority for licenses to issue stablecoins before the end of the year.
Under the new law, stablecoins must be backed by legal tender, aligning with global efforts to regulate the cryptocurrency sector amid global competition. The move is seen as part of Hong Kong’s strategy to establish itself as a competitive player in the global digital asset market.
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Source: https://thedefiant.io/news/regulation/hong-kong-passes-fiat-backed-stablecoin-bill-amid-global-competition-d9cec2df