Wu Jiezhuang: Hong Kong Legislative Council passed the Stablecoin Bill, and applications for compliant issuance of stablecoins can be made from the end of the year

Mars Finance reports that Hong Kong Legislative Council member Wu Jiazhuang tweeted that the Hong Kong Legislative Council has passed the "Stablecoin Ordinance" in its third reading, expecting to launch a licensing mechanism this year, with institutions able to apply to the Hong Kong Monetary Authority to become compliant stablecoin issuers. The ordinance requires issuers to anchor to legal tender and comply with requirements such as reserve management, redemption mechanisms, customer asset segregation, anti-money laundering, and information disclosure, with regulatory details to be consulted separately. Hong Kong welcomes global enterprises to apply for issuance in the city.