The Hong Kong government announced that regulated eligible stablecoins are expected to be launched in the second half of this year. According to a written response submitted to the Legislative Council, the Hong Kong Monetary Authority (HKMA) granted stablecoin issuance licenses to two bank-backed institutions in April, and stablecoins will be launched in accordance with these institutions' business plans. In addition, the Hong Kong government sent a letter to unauthorized stablecoin issuers to guide them on 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.
