On May 30, according to official sources, the Hong Kong Special Administrative Region government published the "Stablecoin Ordinance" in the Gazette today (May 30), signifying that the Stablecoin Ordinance has officially become law, further improving the regulatory framework for digital asset activities in Hong Kong.
The Hong Kong Legislative Council formally passed the bill on May 21 to establish a licensing system for fiat stablecoin (stablecoins pegged to legal tender) issuers in Hong Kong. According to the ordinance, to enhance 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, and currently, no licenses have been issued to any stablecoin issuers. Citizens should carefully distinguish information related to fiat stablecoins and be cautious of fraudsters who may use false advertisements to commit fraud.
