Hong Kong is moving towards the introduction of a new stablecoin law aimed at creating a comprehensive regulatory system for digital assets. The bill, which was submitted to the Legislative Council on December 18, includes licensing requirements for stablecoin issuers, restrictions on marketing, and consumer protection measures.

According to the document, issuers must obtain a license from the Hong Kong Monetary Authority (HKMA) and meet strict requirements, including the availability of reserve assets and stabilization mechanisms. Also, only licensed platforms will be able to offer stablecoins to users.

This initiative can make the Hong Kong stablecoin market safer and more sustainable, as it happened in Europe after the adoption of MiCA. Regulators hope that the bill will become the basis for the long-term development of the region's digital economy.