$USDC Hong Kong has passed the 'Stablecoin Regulation Bill', which was officially published in the government gazette a few days ago, and the bill has officially become law, called the 'Stablecoin Regulation'. Hong Kong has become the world's first jurisdiction to implement full-chain regulation for fiat-backed stablecoins, which subsequently triggered a surge in related Hong Kong stocks.

It seems like Hong Kong's 'lightning speed' legislation, but if we pull the timeline back, this 'storm' has been brewing in multiple countries for some time —

In May, the UK released regulatory proposals regarding stablecoin issuance, crypto asset custody, and the financial soundness of crypto asset companies.