Hong Kong passes stablecoin bill, set to open licensing by year-end

Hong Kong’s Legislative Council has passed the Stablecoin Bill, paving the way for licensed fiat-backed stablecoin issuers by year-end and positioning the region as a potential global Web3 hub.

Hong Kong’s Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development.

In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption.

“It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.

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