Hong Kong advances crypto regulation
According to the O’Daily, Hong Kong Legislative Council member Ng Kit Chuang recently discussed the government’s submission of the Stablecoin Bill for first and second readings. The bill aims to create a regulatory framework for issuers of fiat-backed stablecoins. Ng expressed optimism about the integration of the virtual and real economies through cryptocurrencies, highlighting the launch of the city’s first spot Bitcoin and Ethereum ETFs this year. He hopes the government will continue to improve the legal framework to facilitate the growth of the crypto industry while managing risks. Ng believes that a well-developed industry is crucial to strengthening Hong Kong’s position as an international financial and innovation hub.