According to TechFlow, on May 23, the Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoin Bill. Ma Fei, head of digital assets and financial technology at Standard Chartered Hong Kong, welcomed the passage of the bill and looked forward to its implementation later this year.
Standard Chartered Hong Kong is establishing a joint venture with Ansai Group and Hong Kong Telecom, and plans to apply for a license from the Hong Kong Monetary Authority under the new regulatory system to issue a stablecoin pegged to the Hong Kong dollar. Relevant preparatory work is being stepped up and more details will be announced in due course.