The Hong Kong Legislative Council has passed the third reading of the "Stablecoins Bill" and can apply for compliant issuance from the end of the year

Hong Kong Legislative Council member Ng Kit chung tweeted that the Hong Kong Legislative Council has passed the third reading of the Stablecoins Bill, and it is expected that institutions can apply to the Hong Kong Monetary Authority to become compliant stablecoin issuers before the end of this year. Wu Jiezhuang welcomed global enterprises to apply in Hong Kong and emphasized the development of application scenarios and the release of stablecoin interest as the focus of the follow-up, helping Hong Kong build an international Web3 center.