Hong Kong passes stablecoin bill, paving way for licensed issuers by year-end

Hong Kong legislator Johnny Ng shared on X that the city’s Legislative Council has approved the Stablecoin Bill in its third reading. The new legislation sets the stage for a licensing regime, enabling major entities to seek approval from the Hong Kong Monetary Authority to issue stablecoins, with applications anticipated to open by year-end. Ng also expressed hope for collaboration in developing real-world use cases and strengthening market stability within the digital asset ecosystem.