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Hong Kong Greenlights Stablecoin Licensing—Web3 Just Got a Regulatory Boost
Hong Kong Greenlights Stablecoin Licensing—Web3 Just Got a Regulatory Boost
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Hong Kong’s financial regulators just threw stablecoins a lifeline—and Web3 a bone. The new licensing framework aims to tame the wild west of dollar-pegged crypto while positioning the city as a blockchain hub.
No more fly-by-night operators: issuers must now prove reserves, pass audits, and survive scrutiny from watchdogs who’ve seen this movie before. Will it work? Ask the ghosts of 2022’s algorithmic stablecoin wrecks.
One banker’s take: ’Finally, rules for casinos pretending to be banks.’ Meanwhile, crypto VCs are already spinning this as ’institutional adoption’—never mind that compliance costs might squeeze out everyone but TradFi giants.
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