Hong Kong Passes Stablecoin Regulatory Bill: Shaping the Global Digital Asset Market

Hong Kong has taken a significant step towards becoming a leader in the global digital asset market, passing legislation to regulate stablecoins. The new bill establishes a framework overseen by the Hong Kong Monetary Authority (HKMA), aiming to foster responsible development within the sector. Key features of this regulatory framework include licensing requirements for stablecoin issuers and a risk-based approach to oversight.