Hong Kong Passes Stablecoin Ordinance, Regulating Issuance of HKD-Pegged Tokens

Hong Kong has officially enacted a new regulatory framework for stablecoins, impacting the issuance and sale of HKD-pegged tokens. The Hong Kong government has gazetted the Stablecoin Ordinance, which mandates licensing for any institutions that wish to issue or sell these digital assets within the jurisdiction. 🔑 This move aims to enhance investor protection by enforcing strict compliance requirements regarding reserve management and anti-money laundering standards. 🕵️‍♂️