Hong Kong says regulated stablecoins to launch in H2

The Hong Kong government has announced that regulated stablecoins are scheduled to be launched in the second half of this year. According to a written response submitted to the Legislative Council, the Hong Kong Monetary Authority (HKMA) granted stablecoin issuance licenses to two bank-backed institutions in April, and these entities will launch their products in line with their business plans. The government added that it has sent official notices to unlicensed stablecoin issuers outlining legal requirements and plans to submit a bill this year to establish a regulatory framework for virtual asset trading, custody, advisory, and asset management services.