The Hong Kong Legislative Council has passed the Stablecoin Bill in its third reading, establishing a licensing regime for fiat-backed stablecoin issuers
The Hong Kong Legislative Council has passed the Stablecoin Bill in its third reading, establishing a licensing regime for fiat-backed stablecoin issuers. The new law allows institutions to apply to the Hong Kong Monetary Authority to become compliant stablecoin issuers by the end of 2025. The bill mandates that stablecoins must be backed by legal tender, aiming to foster innovation in the digital currency space while enhancing investor protections. This regulatory move positions Hong Kong to compete globally in the stablecoin market by providing a clear framework for stablecoin issuance and oversight.
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Source: https://thedefiant.io/news/regulation/hong-kong-passes-stablecoin-bill-backed-legal-tender-licensing-issuers-via-hkma-b423bc30