The Hong Kong "Stablecoin Ordinance" officially became law today, and the Monetary Authority reminds that licenses have not yet been issued.

On May 30, according to official information, the Hong Kong Special Administrative Region Government published the "Stablecoin Ordinance" in the Gazette today (May 30), which means that the "Stablecoin Ordinance" has officially become law, further improving the regulatory framework for digital asset activities in Hong Kong. On 21 May, the Legislative Council of Hong Kong formally passed a bill to establish a licensing regime for fiat stablecoin issuers (fiat-linked stablecoins) in Hong Kong. According to the Ordinance, in order to enhance the protection of the public, only designated licensed institutions can sell fiat stablecoins in Hong Kong; Only fiat stablecoins issued by licensed issuers can be sold to retail investors. The Hong Kong Monetary Authority (HKMA) reminds that the stablecoin ordinance will come into effect later this year, and no licence has been issued to any stablecoin issuer so far. Members of the public should carefully identify information related to fiat stablecoins and beware of fraudsters using false advertisements to defraud.