Hong Kong Passes Stablecoin Bill to Bolster Digital Assets

Hong Kong’s legislative council has approved a bill regulating fiat-backed stablecoins, marking a significant step towards establishing the city as a global leader in Web3. The framework, implemented by the Hong Kong Monetary Authority (HKMA), will allow institutions to apply for licenses to operate as stablecoin issuers. This legislation aims to attract institutional interest and position Hong Kong as a key hub for digital assets. The HKMA emphasizes its focus on fostering responsible growth within this innovative space. 501, HashKey Chain, a prominent player in the blockchain industry, will be integral in providing technical infrastructure support.