Odaily Planet Daily News The Hong Kong Special Administrative Region Government published the Stablecoin Ordinance in the Gazette today (May 30), which means that the Stablecoin Ordinance has officially become a law, further improving Hong Kong's regulatory framework for digital asset activities. The Hong Kong Legislative Council formally passed the draft bill on May 21 to establish a licensing system for issuers of fiat stablecoins (stablecoins pegged to legal tender) in Hong Kong. According to the ordinance, in order to strengthen public protection, only designated licensed institutions can sell fiat stablecoins in Hong Kong; only fiat 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. No license has been issued to any stablecoin issuer. Citizens should carefully identify information related to fiat stablecoins and beware of criminals using false advertisements to commit fraud.