🏦 Hong Kong Passes Stablecoin Law $BTC
In a first in Asia, the Hong Kong government has passed a new law regulating the issuance and trading of stablecoins, strengthening its position as a global financial center for digital assets.
The new law stipulates that companies issuing stablecoins are required to:
Obtain an official license from the relevant authorities
Provide 100% reserve guarantees for the value of the issued coins
Ensure the possibility of redeeming the coins at any time
Why is this decision important?
Regulating this type of currency enhances investor confidence and paves the way for major financial institutions to safely enter the digital currency market, which could contribute to the market's stability and future growth.
