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The Hong Kong Legislative Council has passed the "Stablecoin Regulation Bill" in the third reading, allowing for applications for Compliance issuance starting at the end of the year.
On May 21, Hong Kong Legislative Council member Wu Jiezhuang tweeted that the Hong Kong Legislative Council has passed the "Stablecoin Bill" on its third reading. It is expected that by the end of this year, institutions can apply to the Monetary Authority to become compliant stablecoin issuers. Wu Jiezhuang welcomed global companies to apply in Hong Kong and emphasized that developing application scenarios and releasing stablecoin interest will be the focus going forward.