🇭🇰 Hong Kong is getting closer to managing stablecoins with the new Stablecoins Bill! 📜

- The bill has been announced and forwarded to the Legislative Council for its first reading on December 18.

- 3 main components: licensing issuers, restricting promotions, and protecting consumers.

- Issuers need a license from the Hong Kong Monetary Authority (HKMA).

🔍 Once the law is passed, Hong Kong may see a shift in the use of stablecoins, similar to Europe with the MiCA regulation.

What do you think about this change? Please share your thoughts! 💬