HK Passes Stablecoins Bill, Expects to Come Effect This Year

Hong Kong‘s Legislative Council passes the Stablecoins Bill to further enhance the city’s regulatory framework on virtual-asset activities, the government says in a statement.

• Upon implementation of the Stablecoins Ordinance, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong will need to obtain a license from the Monetary Authority
• The Ordinance is expected to come into effect this year, to allow sufficient time for the industry to understand the requirements under the ...