💼🇭🇰 Hong Kong’s Web3 Leap Begins!
On August 1, Hong Kong rolled out its fiat‑based stablecoin legal framework — a game‑changer for Asia’s financial hub.
📌 Key Moves:
All stablecoin issuers must be licensed by the HKMA 🏦
6‑month transition period for existing firms
Covers reserves, AML, and redemption rules
💰 Money is pouring in:
At least 10 listed Hong Kong fintechs have raised $1.5B since the rules dropped, funding stablecoin projects, blockchain payments, and crypto ventures.
🚀 OSL Group scored $300M in July.
🌏 Why Now?
Bloomberg links this boom to Trump’s crypto‑friendly GENIUS Act 🇺🇸 and Asia’s push for local stablecoins. South Korea, Malaysia, Thailand & the Philippines are already exploring their own.
💡 Hong Kong’s clear rules could make it the Web3 capital of Asia — but will other countries keep up?