Ng Kit Chuang: Hong Kong Legislative Council Passes Stablecoin Bill, Compliance Applications for Issuing Stablecoins Open by Year-End
Hong Kong Legislative Council member Ng Kit Chuang tweeted that the Legislative Council has passed the third reading of the "Stablecoin Ordinance Bill," with the licensing mechanism expected to be launched within the year. Institutions can apply to the Monetary Authority to become compliant stablecoin issuers. The ordinance requires issuers to peg to legal tender and comply with regulations on reserve management, redemption mechanisms, customer asset segregation, anti-money laundering, and information disclosure. Regulatory details will be consulted separately. Hong Kong welcomes global enterprises to apply for issuance in the city.
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