Hong Kong Joins Global Race With New Stablecoin Licensing Bill
"Hong Kong's stablecoins are backed by fiat currency as underlying assets, and we welcome global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong," legislative council member Johnny Ng said on X on Wednesday.
Institutions are expected to be able to apply for a license from the Hong Kong Monetary Authority by the year-end.
Hong Kong has been working on establishing a stablecoin regime since 2023. The nation had published a consultation paper on stablecoin guidelines towards the end of 2023. It later introduced the Stablecoin Bill, which the Legislative Council of the Hong Kong Special Administrative Region passed in its third reading, Ng's post said.
The region has been looking to keep up with nations around the world that have been establishing their stablecoin regimes. The European Union started licensing stablecoin issuers last year after passing its wide-ranging bespoke crypto bill, called the Markets in Crypto Assets regulation (MiCa). Meanwhile, the U.S. has a stablecoin bill that is passing through Congress, and the U.K. has been gathering feedback on draft legislation that will also affect stablecoins.
The stablecoin sector has become the hottest trend in recent years, with both crypto and TradFi firms ramping up their exposure to the industry. Ben Reynolds, BitGo's managing director of stablecoins, said at Consensus 2025 that large banks are increasingly taking notice of the industry, largely out of fear that they will lose market share to the digital dollars.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
BLD Plantation Bhd Full Year 2025 Earnings: EPS: RM0.68 (vs RM0.31 in FY 2024)
BLD Plantation Bhd (KLSE:BLDPLNT) Full Year 2025 Results Key Financial Results Revenue: RM1.76b (up 2.7% from FY 2024). Net income: RM63.7m (up 121% from FY 2024). Profit margin: 3.6% (up from 1.7% in FY 2024). EPS: RM0.68 (up from RM0.31 in FY 2024). This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. All figures shown in the chart above are for the trailing 12 month (TTM) period BLD Plantation Bhd shares are down 2.0% from a week ago. Risk Analysis It's still necessary to consider the ever-present spectre of investment risk. We've identified 2 warning signs with BLD Plantation Bhd, and understanding them should be part of your investment process. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNET
26 minutes ago
- CNET
This Cooling Neck Fan Is Like Having My Own Personal Air Conditioner Everywhere I Go
At CES 2024, I went hands-on with the then-yet-to-launch Torras Coolify Cyber, and I could only imagine how useful it could be in the Delhi summers. Fast-forward to more than a year later, and I've used the wearable air conditioner more times than I can count. It has become one of my favorite gadgets to beat the heat. This wearable neck fan normally goes for $300, but right now it's available for $222 on Amazon -- a 26% discount. The Torras Coolify Cyber is a portable air conditioner worn on the neck. When I first used it, I was impressed by the comfort and air pressure but had doubts about how it would do in the long run and if it would overheat from prolonged use. I'm happy to report that I've been positively surprised and would carry it when traveling to hot, humid places. It features an ergonomic design with a ceramic cooling plate on the part that touches your neck. It's immensely useful alongside the fan vents on hot days. The device didn't feel uncomfortable to wear. I could have it on for at least an hour at a stretch. You can also press and hold a button on the collar to switch to warm air for cold-weather conditions. You can choose from three fan settings for airflow and three temperature modes -- heat, fan and cool -- for the kind of air you need. It's an all-year gadget. Portable, comfortable and easy to use I live in Delhi, where the temperature can cross 50 degrees Celsius (122 degrees Fahrenheit). In that heat, when you're indoors, your only relief is an air conditioner, but when I'm outside, the Torras Coolify Cyber is my go-to gadget. I could forget my phone but not this portable air conditioner. It can get sweaty and uncomfortable when you're active under the sun, but the constant cold airflow makes it manageable. The Torras wearable AC is a must-have for anyone who gets uncomfortable with the weather outside and needs some relief from the ambient air. And with this limited-time deal bringing the price down to $222, now's a good time to give it a try.
Bloomberg
27 minutes ago
- Bloomberg
Trump Momentum Drives Stablecoin Urgency in Asian Financial Hubs
Asian markets are hurriedly updating their stablecoin rules as President Donald Trump's embrace of US dollar-pegged cryptocurrencies instills a fresh sense of urgency among the region's authorities. Recent developments in South Korea, Hong Kong, Malaysia, Thailand and the Philippines point to a proliferation of stablecoins pegged to Asian currencies — even as authorities raise concerns about capital outflows.
