Hong Kong Passes Landmark Stablecoin Regulation Bill
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Hong Kong’s Legislative Council has approved a pivotal bill to regulate fiat-backed stablecoins, marking a significant step in the region’s ambition to become a global digital finance hub. The legislation, confirmed by lawmaker Johnny Ng on May 21, establishes a licensing regime overseen by the Hong Kong Monetary Authority (HKMA).
The framework mandates that all issuers of Hong Kong dollar-pegged stablecoins—regardless of their geographic base—must obtain a license. A transitional period will allow businesses to align with the new requirements. The rules are slated to take effect by the end of 2025, aiming to bolster market confidence and transparency.
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