The Legislative Council of Hong Kong approved the stablecoin bill in its third reading, paving the way for the regulated issuance of stablecoins.
Institutions are expected to be able to apply for licenses from the Hong Kong Monetary Authority by the end of the year, and stablecoins must be backed by legal tender.
This is one of the best pieces of news for Stablecoins as well as for everyone and the safe access we must all have when using the crypto world.
