Historic Day For Hong Kong: Stablecoin Bill Receives Legislative Approval

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Bitcoinist 12h ago

Historic Day For Hong Kong: Stablecoin Bill Receives Legislative Approval - Bitcoinist

Quick Summary:

Hong Kong’s Legislative Council has passed the long-anticipated Stablecoins Bill, establishing a licensing regime for fiat-referenced stablecoin (FRS) issuers.

This legislative move, announced by the Hong Kong government on May 21, aims to strengthen regulatory oversight on virtual asset activities, fostering both financial stability and innovation in the region.

The licensing requirements will focus on several critical areas, including reserve asset management, proper segregation of client assets, and a robust stabilization mechanism.