Hong Kong passed a stablecoin bill that will enable the region to establish a licensing regime for fiat-backed stablecoin issuers.

"Hong Kong’s stablecoins are backed by fiat currency as underlying assets, and we welcome global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong," legislative council member Johnny Ng said on X on Wednesday.

Institutions are expected to be able to apply for a license from the Hong Kong Monetary Authority by the year-end.

Hong Kong has been working on establishing a stablecoin regime since 2023. The nation had published a consultation paper on stablecoin guidelines towards the end of 2023. It later introduced the Stablecoin Bill, which the Legislative Council of the Hong Kong Special Administrative Region passed in its third reading, Ng's post said.

The region has been looking to keep up with nations around the world that have been establishing their stablecoin regimes. The European Union started licensing stablecoin issuers last year after passing its wide-ranging bespoke crypto bill, called the Markets in Crypto Assets regulation (MiCa). Meanwhile, the U.S. has a stablecoin bill that is passing through Congress, and the U.K. has been gathering feedback on draft legislation that will also affect stablecoins.

The stablecoin sector has become the hottest trend in recent years, with both crypto and TradFi firms ramping up their exposure to the industry. Ben Reynolds, BitGo's managing director of stablecoins, said at Consensus 2025 that large banks are increasingly taking notice of the industry, largely out of fear that they will lose market share to the digital dollars.

Read more: Banks Exploring Stablecoin Amid Fears of Losing Market Share, BitGo Executive Says

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