#MarketPullback ‎Big tech companies entering the stablecoin market has raised concerns among regulators globally. Here's what's happening:

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‎Regulatory Landscape

‎- *US*: The Stablecoin Act is progressing through Congress, with bipartisan support, and is expected to be submitted for the President's signature soon. The bill addresses anti-money laundering protections, restrictions on foreign issuers, and treatment of payment stablecoin issuers in insolvency proceedings.

‎- *Hong Kong*: The Legislative Council passed a Stablecoin Bill, allowing the issuance of HKD-backed stablecoins. This move is expected to unlock further issuance interest in the Hong Kong market.