Hong Kong to Issue First Stablecoin Licenses Next Month

Stock News11:48

Hong Kong Chief Executive John Lee announced at the Consensus Hong Kong conference on February 11 that the city's status as a global hub for Web3 and cryptocurrency innovation continues to strengthen. A key initiative was the implementation of the Stablecoin Ordinance in August last year, which established a licensing system for issuers of fiat-backed stablecoins in Hong Kong. The Hong Kong Monetary Authority is actively processing license applications, with the first batch of stablecoin issuer licenses expected to be issued next month. The government is committed to establishing Hong Kong as a global innovation center for digital assets.

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