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Hong Kong has passed a new law requiring stablecoin issuers to obtain licenses from the HKMA, aiming to balance innovation with investor protection. The move aligns with global regulatory trends as the U.S. also advances its own stablecoin framework.
- Hong Kong's new law mandates licenses for stablecoin issuers, enforced by the HKMA, with strict reserve and AML requirements.
- The legislation aims to rebuild Hong Kong's crypto reputation post-JPEX scandal while balancing innovation and investor protection.
- The U.S. is concurrently advancing its stablecoin framework, the GENIUS Act, marking a global regulatory shift in crypto oversight.
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