Hong Kong passes stablecoin regulations, moving towards an international Web3 center!

Hong Kong today passed the 'Stablecoin Regulation Bill', establishing a licensing system for the issuance of fiat-backed stablecoins. The regulations require institutions issuing stablecoins in Hong Kong to apply for a license and comply with asset management, redemption, and anti-money laundering rules.

License holders must ensure that the assets backing the stablecoins are highly liquid, allowing holders to redeem at face value without any fees. The regulations are expected to take effect within the year and will have a transition period to help the industry adapt. This system will facilitate cross-border payments and enhance Hong Kong's position as an international financial center, marking an important step for Hong Kong towards becoming an international Web3 center.

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