In a bold move to cement its position as the global crypto hub, Hong Kong has announced the passage of the Stablecoin Bill. With this move, Hong Kong has overpowered the United States in crypto regulation, as the latter lags behind in stablecoin laws. Notably, Hong Kong’s move comes amid the uncertainty surrounding the much-hyped GENIUS Act in the US. Though the Senate advanced the bill, its final passage is still pending. Hong Kong Passes Stablecoin Bill: Know More The Legislative Council of Hong Kong has reportedly passed the third reading of the Stablecoin Bill. With the bill, the government introduces a licensing regime for fiat-referenced stablecoin issuers in Hong Kong to bolster the city’s virtual asset regulatory framework and promote financial stability and innovation. Christopher Hui, the Secretary for Financial Services and the Treasury, stated, This is not only in line with international regulatory requirements, but also lays a… Read More at Coingape.com
The post Hong Kong Takes Lead in Crypto Regulation with Stablecoin Bill as US Trails Behind appeared first on CoinGape.
