According to PANews, Hong Kong Legislative Council member Wu Jiezhang stated that the Hong Kong Legislative Council has passed the (Stablecoin Regulation Draft) after three readings. It is expected that by the end of this year, institutions will be able to apply to the Monetary Authority to become compliant stablecoin issuers.
Wu Jiezhang welcomes global enterprises to apply for Hong Kong and emphasizes that developing application scenarios and releasing stablecoin interest are key focuses for the future, helping Hong Kong to build an international Web3 center.