According to PANews, Hong Kong's Legislative Council member Ng Kit Chuang announced that the Legislative Council has passed the third reading of the Stablecoin Bill. It is anticipated that by the end of this year, institutions will be able to apply to the Hong Kong Monetary Authority to become compliant stablecoin issuers. Ng Kit Chuang welcomed global enterprises to apply in Hong Kong and emphasized the importance of developing application scenarios and releasing stablecoin interest as future priorities. These efforts aim to support Hong Kong in becoming an international Web3 hub.