$USDC Hong Kong, China has passed the 'Stablecoin Regulation Bill', which was published in the official gazette a couple of days ago, and the bill has officially become law, known as the 'Stablecoin Regulation'. Hong Kong has become the world's first jurisdiction to implement full-chain regulation of fiat-backed stablecoins, subsequently triggering a surge in related Hong Kong stock themes.

It seems like Hong Kong's legislation is happening at 'light speed', but if we pull the timeline back, this 'storm' has been brewing in several countries for quite some time —

In May, the UK issued regulatory proposals regarding stablecoin issuance, cryptocurrency asset custody, and the financial soundness of cryptocurrency companies; in March, Japan refined its regulation adjustments for cryptocurrency assets and stablecoins; last December, the European 'Crypto Asset Market Regulation Bill' officially became law...