The Hong Kong "Stablecoin Regulation" officially became law today, and the Monetary Authority reminds that licenses have not yet been issued

ChainCatcher news, the Hong Kong Special Administrative Region Government today (May 30) published the "Stablecoin Ordinance" in the Gazette, meaning that the "Stablecoin Ordinance" has officially become law, further improving the regulatory framework for digital asset activities in Hong Kong. The Hong Kong Legislative Council officially passed the bill on May 21 to establish a licensing system for issuers of fiat-backed stablecoins (stablecoins pegged to fiat currency) in Hong Kong. According to the ordinance, in order to enhance public protection, only designated licensed institutions can sell fiat-backed stablecoins in Hong Kong; only fiat-backed stablecoins issued by licensed issuers can be sold to retail investors.
The Hong Kong Monetary Authority reminds that the stablecoin ordinance will officially take effect later this year and no licenses have been issued to any stablecoin issuers at present. Citizens should carefully discern information related to fiat-backed stablecoins and be wary of fraudsters using false advertisements to scam.