The Hong Kong SAR Legislative Council passed the Stablecoin Bill

Odaily News On the evening of May 21, the Stablecoin Bill submitted by the Hong Kong Special Administrative Region Government at the end of 2024 was passed by the Hong Kong Legislative Council in its third reading. This move means that the Hong Kong Special Administrative Region has begun to establish a licensing system for issuers of legal currency stablecoins, and it is also an important step towards improving the local regulatory framework for virtual asset activities. By the end of this year, compliant Hong Kong stablecoins are expected to be officially launched.