Hong Kong Joins Global Race With New Stablecoin Licensing Bill

Hong Kong passed a stablecoin bill that will enable the region to establish a licensing regime for fiat-backed stablecoin issuers."Hong Kong’s stablecoins are backed by fiat currency as underlying assets, and we welcome global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong," legislative council member Johnny Ng said on X on Wednesday.Institutions are expected to be able to apply for a license from the Hong Kong Monetary Authority by the year-end.Hong Kong has been working on establishing a stablecoin regime since 2023 source: https://www.coindesk.com/policy/2025/05/21/hong-kong-joins-global-race-with-new-stablecoin-licensing-bill