Hong Kong Targets Serious Crypto Players With Tough Stablecoin Law
Hong Kong’s financial regulators will begin accepting applications for stablecoin issuance licenses on Aug. 1, ushering in a stringent new regulatory regime designed to attract credible players to the city’s digital-asset industry while limiting financial risks.
The move coincides with the enactment of the Stablecoin Ordinance, which requires prospective issuers to meet rigorous standards comparable with those imposed on banks. Applicants must demonstrate robust risk controls and prove their stablecoins serve “concrete and practical” purposes.
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