Hong Kong Takes Step Towards Global Stablecoin Adoption

Hong Kong’s Legislative Council has passed the third reading of its Stablecoin Bill, paving the way for institutions to become compliant stablecoin issuers by year-end. Ng Kit Chuang, a member of the council, expressed optimism about attracting global enterprises to Hong Kong as a hub for Web3 applications and stablecoin issuance. He emphasized developing innovative application scenarios and exploring opportunities to generate interest in stablecoins as crucial steps toward realizing this vision.