The Hong Kong Stablecoin Bill is progressing through the legislative process, currently awaiting its second reading on May 21, 2025. The bill aims to regulate stablecoin issuers, with the goal of attracting global firms to apply for stablecoin issuance through the HKMA.
Wu Jiezhuang, a member of the Legislative Council, noted that the bill's third reading is anticipated to be completed by the end of the year, signaling Hong Kong's ambition to establish itself as a key player in the Web3 landscape.
This bill is expected to create a stable regulatory framework for adopting stablecoins in Hong Kong, potentially enhancing its position in the digital assets market.
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