Hong Kong Passes Stablecoin Bill to Accelerate Crypto Growth

Description

Hong Kong’s Legislative Council has approved the Stablecoins Bill, enabling institutions to apply for issuance licenses through the Hong Kong Monetary Authority (HKMA) by year-end.

Authors

Bhushan Akolkar

Hamza Tariq

Publish date

May 21, 2025

Publisher

Coinspeaker

Web URL

https://www.coinspeaker.com/hong-kong-passes-stablecoin-bill-to-accelerate-crypto-growth

Referenced by

Hong Kong passes Stablecoins Bill

Crypto news

News story

With the introduction of the Stablecoins Bill, Hong Kong regulators are willing to address two key areas of growth, like real-world applications and ensuring market stability. Expanding Real-World Applications: While stablecoin issuance is the beginning, the emphasis will now shift to developing practical use cases in retail, cross-border trade, and peer-to-peer transactions. Businesses in traditional sectors are encouraged to adopt stablecoins as a revolutionary financial tool.

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This development comes a month after Hong Kong’s Securities and Futures Commission (SFC) unveiled new regulations for cryptocurrency staking services, marking another step in the region’s commitment to fostering Web3 development. As per the SFC, these rules strike a balance between supporting innovation in the digital asset space and ensuring robust investor protection

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