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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.
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The newly enacted Stablecoins Ordinance mandates that any entity issuing an FRS within Hong Kong, or any FRS claiming to maintain a stable value against the Hong Kong dollar, must obtain a license from the Monetary Authority (MA).
The licensing requirements will focus on several critical areas, including reserve asset management, proper segregation of client
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