Hong Kong’s proposed Stablecoin Law has been submitted to the Legislative Council, bringing the territory a step closer to establishing a comprehensive regulatory regime for stablecoins. The bill, published by the government on December 6, was sent for first reading on December 18. The bill must go through three readings before becoming law. Each reading includes discussions, reviews, and possible amendments. If the bill passes the third reading, it will be submitted to the territory’s chief executive. The law includes key components such as licensing requirements and consumer protection for stablecoin issuers. What do you think of these developments in Hong Kong? Let’s discuss in the comments.