On the evening of May 21, the Hong Kong Special Administrative Region government passed the 'Stablecoin Regulation Bill' through the third reading in the Hong Kong Legislative Council, which is to be submitted by the end of 2024. This move means that the Hong Kong Special Administrative Region has begun to establish a licensing system for the issuance of fiat stablecoins, taking an important step towards improving the regulatory framework for virtual asset activities locally. By the end of this year, compliant Hong Kong stablecoins are expected to be officially launched.