๐ญ๐ฐ Hong Kong Fintechs Dive Into Crypto โ Web3 Future Ahead?
Hong Kong just rolled out its fiat-backed stablecoin legal framework on Aug 1 โ and fintechs are rushing in.
๐น All issuers must now get licensed by HKMA
๐น 6-month transition period in place
๐น Strict rules on reserves, AML, and redemptions
๐ $1.5B Raised by 10+ listed fintechs for:
โข Stablecoin ventures
โข Blockchain payments
โข Crypto investments
Notable: OSL Group raised $300M in July; others include Dmall & SenseTime.
Meanwhile, Trumpโs GENIUS Act (signed July 18) is inspiring similar moves across Asia, from South Korea to Malaysia.
๐ Korean stablecoin trading hit $41B in Q1 alone โ local lawmakers now eye won-based stablecoins.
Asiaโs gearing up โ Web3 isnโt coming. Itโs already here.
