Hong Kong has adopted a stable bill which will allow the region to establish a license granting regime for stablecoin issuers to support Fiat.
“The stable stables of Hong Kong are supported by the fiduciary currency as an underlying agents, and we welcome the companies and the global institutions interested in emitting stablecoins to postulate in Hong Kong,” said the member of the legislative council Johnny NG on Wednesday.
Institutions should be able to request a license from the Hong Kong monetary authority by the end of the year.
Hong Kong has been working on the establishment of a Stablecoin regime since 2023. The nation had published a consultation document on the directives of Stablecoin towards the end of 2023. He then presented the Stablescoin bill, which, according to the legislative council of the Hong Kong special administrative region, adopted in its third reading, said NG.
The region has sought to follow nations around the world that have established their stablecoin diets. The European Union began to obtain licenses of stable issuers last after having adopted its vast bill on tailor -made cryptography, called The Markets in Crypto Assets Regulation (Mica). Meanwhile, the United States has a stable bill that crosses the congress, and the United Kingdom has collected comments on the bill which will also affect stablecoins.
The Stablescoin sector has become the hottest trend in recent years, crypto and tradfi companies increasing their exposure to industry. Ben Reynolds, CEO of Bitgo des Stablecoins, said in the 2025 consensus that large banks are increasingly remarking in industry, largely for fear of losing market share against digital dollars.
Read more: Banks exploring stablecoin in the middle of fears of losing market share, says Bitgo Executive
