The Hong Kong government announced that regulated stablecoins are expected to be launched in the second half of this year. According to a written reply submitted to the Legislative Council, the Hong Kong Monetary Authority (HKMA) granted stablecoin issuance licenses to two bank-backed institutions in April, and the stablecoins will be launched in accordance with these institutions' business plans. Furthermore, the Hong Kong government sent official letters to unlicensed stablecoin issuers to guide them on the relevant legal requirements, and added that it plans to submit a bill to the Legislative Council this year to establish a regulatory framework for virtual asset trading, custody, advisory, and asset management service providers.
