Hong Kong Enacts Stablecoin Licensing Law: Regulatory Shift for Crypto Assets

Hong Kong has taken a significant step towards regulating the stablecoin market with the enactment of its new stablecoin legislation. The Stablecoins Bill, passed by the Legislative Council, establishes a licensing regime for fiat-referenced stablecoins and empowers the Hong Kong Monetary Authority (HKMA) as the primary regulator. Implementation is anticipated within this year, impacting various cryptocurrency assets. ‘, 50).