Hong Kong has passed a stablecoin bill, establishing a new licensing regime for crypto issuers. This move aims to enhance market stability and user protection by regulating the issuance and promotion of stablecoins. The legislation mandates that all fiat-referenced stablecoin issuers obtain licenses from the Hong Kong Monetary Authority (HKMA), requiring them to follow strict operational and reserve management rules. Retail clients will now be able to access stablecoins under regulated conditions, while the bill includes safeguards against misleading marketing and unauthorized advertising. The new framework seeks to prevent financial crime, support market transparency, and foster innovation in the Web3 space.