Hong Kong Legislative Council passes the 'Stablecoin Regulation Bill', applications for compliant issuance can be made by the end of the year

According to PANews, Hong Kong Legislative Council member Wu Jiezhuang stated that the Hong Kong Legislative Council has passed the (Stablecoin Regulation Bill) in the third reading. It is expected that by the end of this year, institutions can apply to the Monetary Authority to become compliant stablecoin issuers.

Wu Jiezhuang welcomes global enterprises to apply for Hong Kong and emphasizes that the development of application scenarios and the release of stablecoin interest will be key focuses moving forward, helping Hong Kong to build an international Web3 center.