Hong Kong "Stable Coin Ordinance" will take effect on August 1st. At that time, the Hong Kong Monetary Authority will begin accepting license applications. Currently, the Hong Kong Monetary Authority has initiated market consultations on the implementation of the "Stable Coin Ordinance" and is striving to establish guidelines as soon as possible. In addition, the Hong Kong Monetary Authority has also announced that it is leading the review of the implementation of the "Global Cryptocurrency Activity Regulatory Framework" under the Financial Stability Board (FSB) of the Group of Twenty (G20) worldwide.
