Hong Kong’s Legislative Council has passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development.
In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill passed its third reading, clearing the final hurdle for adoption.
“It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.
Image of the legislative assembly session. Source: Johnny Ng Kit-Chong
According to the new Hong Kong legislation, stablecoins must be backed by fiat currency as underlying assets. Ng said Hong Kong is welcoming “global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong,” offering to personally assist with introductions and collaboration:
“I am also happy to facilitate connections and collaborate with all stakeholders to