Hong Kong Tightens the Reins: Stablecoin Legislation Clears Hurdle in Sweeping Crypto Overhaul

Hong Kong just fired a shot across the bow of wildcat stablecoin issuers. The city’s legislative council greenlit a landmark bill today, folding stablecoins into its expanding crypto regulatory framework—because apparently, ’pegged to the dollar’ doesn’t mean ’immune to chaos.’

No more fly-by-night operators. The new rules demand full reserves, regular audits, and—here’s the kicker—actual transparency from issuers. Who knew?

Bankers in pinstriped suits are already grumbling about ’innovation-stifling bureaucracy.’ Meanwhile, the rest of us remember TerraUSD’s implosion and think: about damn time.

in its third reading. This landmark legislation opens the door for regulated stablecoin issuance and aligns digital assets with traditional finance under a clear regulatory framework.

Hong Kong Greenlights Regulated Stablecoin Issuance

Thehas approved the Stablecoin Bill, marking a major milestone for crypto regulation in the region. The new law allowsfrom thestarting later this year, with full implementation expected by the end of 2025.

Onlywill be eligible, ensuring transparency, accountability, and consumer protection in a rapidly growing market.

Hong Kong’s Vision to Become a Global Web3 Leader

Reacting to the bill’s passage,, a member of the Legislative Council, called the MOVE a major step in. He invitedand participate in shaping the city’s blockchain-driven future.

Lawmaker Outlines Roadmap for Stablecoin Utility

Ng emphasized that licensing is only the beginning. He proposed boosting stablecoin adoption in:

• Retail payments
  
• Cross-border trade
  
• Peer-to-peer transactions
  

He also floated the idea ofas an incentive, aimed at increasing user engagement, competitiveness, and long-term growth.

Stablecoin Market Overview: Key Stats

Thecontinues to expand rapidly:

• Total market cap: $247.36 billion
  
• 24-hour trading volume: $81.24 billion
  

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•   ,

Top stablecoins by market cap include:

Tether remains the dominant force, ranking as theafter Bitcoin and Ethereum.

What This Means for Crypto and Global Finance

Hong Kong’s stablecoin regulation mayin the crypto market. With a strong regulatory foundation, the city could serve as a bridge between, making stablecoins more.

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