On June 6, 2025, the government of Hong Kong published a notice in The Gazette to appoint August 1, 2025 as the effective date for the Stablecoins Ordinance (Cap. 656) following the passage of the Stablecoins Bill on May 21, 2025.
The Ordinance’s main purpose is to supervise activities involving stablecoins, initially supervise fiat-referenced stablecoins (FRS), and
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