On May 21, 2024, the Legislative Council of Hong Kong formally passed the Stablecoin Issuer Ordinance Bill on its third reading. This bill provides the first comprehensive regulatory framework for stablecoins. After the implementation of the regulation, three types of activities related to stablecoins will require a license: first, the issuance of fiat-backed stablecoins in Hong Kong; second, the issuance of Hong Kong dollar stablecoins in or outside of Hong Kong; and third, the active promot...