Hong Kong's Stablecoin Ordinance officially becomes law, HKMA reminds that no license has been issued yet

Odaily News The Hong Kong Special Administrative Region Government published the Stablecoin Ordinance in the Gazette today (May 30), which means that the Stablecoin Ordinance has officially become a law, further improving Hong Kong's regulatory framework for digital asset activities. On May 21, the Hong Kong Legislative Council formally passed the draft bill to establish a licensing system for issuers of fiat stablecoins (stablecoins pegged to legal tender) in Hong Kong. According to the ordinance, in order to strengthen public protection, only designated licensed institutions can sell fiat stablecoins in Hong Kong; only fiat stablecoins issued by licensed issuers can be sold to retail investors.
The Hong Kong Monetary Authority reminds that the Stablecoin Ordinance will come into effect later this year and no license has been issued to any stablecoin issuer. Citizens should carefully identify information related to legal currency stablecoins and beware of criminals using false advertisements to commit fraud.