The Legislative Council of the Hong Kong Special Administrative Region has passed the Stablecoins Bill

Odaily Planet Daily News: On the evening of May 21st, the "Stablecoins Bill" submitted by the Hong Kong SAR government at the end of 2024 was passed through the third reading of the Hong Kong Legislative Council. This move means that the Hong Kong Special Administrative Region of China has begun to establish a licensing system for issuers of fiat stablecoins, which is also an important step towards improving the regulatory framework for virtual asset activities in the local area. By the end of this year, compliant Hong Kong stablecoins are expected to be officially launched.