Hong Kong's Stablecoin Bill Enters the Legislative Council, A New Chapter in Industry Regulation is About to Begin!📜

On December 6, the Hong Kong Special Administrative Region Government published the "Stablecoin Bill" in the Gazette and submitted it to the Legislative Council for a first reading on December 18. The bill must undergo three readings and be signed by the Chief Executive before it can become law.⏳

Once enacted, stablecoin issuers will need to obtain a license from the Hong Kong Monetary Authority and adhere to strict regulatory requirements. Regulation will cover the issuer's background, resources, and the reserve assets of the stablecoin, among others.🔍

In addition, the bill provides more protection for consumers, allowing only regulated entities to provide or promote stablecoins in Hong Kong. The cryptocurrency market in Hong Kong may face new development opportunities and challenges.🌐