【Hong Kong's Stablecoin Ordinance Officially Becomes Law】 The Hong Kong Special Administrative Region Government today published the Stablecoin Ordinance in the Gazette, signifying that the Stablecoin Ordinance has officially become law, further enhancing the regulatory framework for digital asset activities in Hong Kong. The Hong Kong Legislative Council officially passed the bill on May 21 to establish a licensing system for fiat-backed stablecoin (stablecoins pegged to fiat currencies) issuers in Hong Kong. According to the ordinance, to strengthen public protection, only designated licensed institutions can sell fiat-backed stablecoins in Hong Kong; only fiat-backed stablecoins issued by licensed issuers can be sold to retail investors. The Hong Kong Monetary Authority reminds that the Stablecoin Ordinance will officially take effect later this year, and no licenses have been issued to any stablecoin issuers. Citizens should carefully discern information related to fiat-backed stablecoins and guard against fraudsters using false advertisements.