🇭🇰Hong Kong's Stablecoin Bill Officially Comes into Effect The Hong Kong Stablecoin Bill officially came into effect on August 1st, establishing a licensing regime for fiat-currency stablecoin issuers in Hong Kong. This bill strengthens the regulatory framework for virtual asset activities in Hong Kong, aiming to maintain financial stability and promote financial innovation. Under the Stablecoin Bill, any person who issues a fiat-currency stablecoin in the course of their business in Hong Kong, or a fiat-currency stablecoin purportedly pegged to the Hong Kong dollar in Hong Kong or abroad, must apply for a license from the Monetary Authority. Such persons must comply with requirements for reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stability mechanism, and processing redemptions from stablecoin holders at par under reasonable conditions. Relevant persons must also meet a range of anti-money laundering and terrorist financing, risk management, disclosure requirements, and audit and fit-and-property requirements. The Monetary Authority will conduct further consultation on the detailed regulatory requirements of the regime in due course.