Hong Kong Passes Stablecoin Bill, Fuels Web3 Growth with Licensing Path

Hong Kong’s Legislative Council has passed a groundbreaking stablecoin bill, setting the stage for the territory to become a global leader in Web3 development. This historic legislation establishes a framework for regulated digital asset issuance and opens the door for major financial institutions to apply for stablecoin issuer licenses by year-end. The bill mandates that all stablecoins must maintain fiat currency backing as their foundation, ensuring stability and regulatory compliance within Hong Kong’s dynamic digital asset ecosystem.