Hong Kong Passes the "Stablecoin Act"! Accelerates Layout of Web3, Aiming to Become a Global Crypto Financial Center
Yesterday, the Hong Kong Legislative Council significantly passed the "Stablecoin Act," adding fuel to the fire in the global Web3 center! Following the U.S. Senate's advancement of the GENIUS Act, Hong Kong quickly implemented this milestone legislation, allowing institutions to apply for stablecoin issuance licenses from the Hong Kong Monetary Authority (HKMA) by the end of this year, officially initiating the compliance process for stablecoins.
According to the new regulations, enterprises can issue Hong Kong stablecoins backed by fiat currency, with regulators set to strictly control standards to bolster market confidence. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, emphasized that this move aligns with international regulatory requirements and solidifies the foundation for the virtual asset market, aiding the industry's sustainable development and protecting user rights, further consolidating Hong Kong's position as an international financial center.
With the dual-track advancement of applications and stability, Hong Kong has clarified two major directions for effort: first, expanding real-world scenarios, focusing on retail payments, cross-border trade, peer-to-peer transactions, and encouraging traditional enterprises to embrace this innovative financial tool; second, enhancing market resilience by allowing stablecoins to offer interest returns to holders and other mechanisms to improve product competitiveness and promote wider adoption.
It is noteworthy that Hong Kong is currently accelerating its layout of the Web3 ecosystem. A month ago, new regulations on cryptocurrency staking services were introduced, seeking a balance between innovation incentives and investor protection. This stablecoin legislation forms a policy synergy with it, marking that Hong Kong is accelerating the construction of a vibrant and secure crypto financial ecosystem with a combination of "licensing + scenario-based + compliance" strategies.
In summary, this series of policy combinations signifies that Hong Kong is seizing the initiative in the global digital economy competition, and the implementation of its "crypto overtaking" strategy will further consolidate its strategic position as an international financial center and a source of Web3 innovation in Asia.
Do you think Hong Kong's passage of the "Stablecoin Act" can secure a more advantageous competitive position in the global financial arena? Will the widespread use of stablecoins affect our daily payment methods and investment habits? Feel free to leave comments for discussion!
