Hong Kong's Stablecoin Legislation to Take Effect in August

According to BlockBeats, Hong Kong's Financial Secretary, Paul Chan, announced in his essay 'The New Era of Asia' that the legislation for stablecoins in Hong Kong will come into effect on August 1. The Hong Kong Special Administrative Region Government and financial regulators are committed to creating a favorable market environment. They aim to implement necessary regulatory measures to encourage issuers to expand the application of stablecoins across various scenarios, addressing practical challenges faced by businesses and citizens.