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Hong Kong has approved a groundbreaking bill to regulate fiat-backed stablecoins, reinforcing its ambition to become a global digital finance hub. The new law introduces a licensing regime for issuers and sets strict operational standards.
- The bill mandates a licensing regime for stablecoin issuers, requiring compliance with strict operational and transparency standards.
- Only licensed firms can issue or advertise Hong Kong dollar-linked stablecoins, even if they operate outside the region.
- The law is part of Hong Kong's broader strategy to advance Web3 development and solidify its position as a global financial hub.
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