Hong Kong has revealed that it has activated licensing for issuers of fiat-based stablecoins amid a broader push for crypto regulatory clarity. 

During a policy briefing with the Legislative Council’s Finance Committee, Secretary for Financial Services and the Treasury, Christopher Hui, said, 

“The Stablecoin Ordinance was officially implemented last August, introducing a licensing system for fiat-denominated stablecoin issuers in Hong Kong. The Hong Kong Monetary Authority (HKMA) is currently processing relevant license applications.”

Hui framed crypto as a ‘new growth area’ that could further reinforce the city as an international finance center.

The official noted that regulators are working on the details of…