According to Odaily, the Hong Kong Special Administrative Region Government has officially enacted the Stablecoin Ordinance, as published in the Gazette on May 30. This development marks a significant step in refining Hong Kong's regulatory framework for digital asset activities. The Legislative Council of Hong Kong passed the bill on May 21, establishing a licensing system for issuers of fiat-backed stablecoins. Under the new ordinance, only designated licensed institutions are permitted to sell fiat-backed stablecoins in Hong Kong
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