Hong Kong makes a major move! The "Stablecoin Legislation" officially becomes law!

On May 30, the Hong Kong Special Administrative Region Government published the "Stable Coin Regulations" in the Official Gazette, which means that the "Stable Coin Regulations" have officially become law. Prior to this, the Hong Kong Legislative Council officially passed the draft of the regulations on May 21, in order to establish a licensing system for issuers of "fiat stable coins" in Hong Kong. The regulation aims to promote financial innovation while maintaining financial stability, and marks an important step for Hong Kong in the field of digital assets.