Hong Kong’s Stablecoin Bill Faces Critical Steps Toward Third Reading

Hong Kong’s Stablecoin Bill is progressing through the legislative process, with a third reading currently pending. The bill, focused on licensing and regulating stablecoin issuers, awaits its second reading on May 21, 2025. Wu Jiezhuang, a member of Hong Kong’s Legislative Council, expects completion by year-end for this crucial development that aims to make Hong Kong a prominent player in Web3. The bill seeks to establish the city as a global hub for Web3 technologies and potentially boost fintech sectors. 🌎