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Hong Kong Passes stablecoin Bill, One Step Closer to Issuance

Hong Kong’s legislature passed a stablecoin bill on Wednesday that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for upcoming stablecoin issuers. Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a licence from the Hong Kong Monetary Authority (HKMA), according to a government press release….

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