Hong Kong has taken a significant step towards becoming a global Web3 hub. The Hong Kong Special Administrative Region Legislative Council has officially adopted the stablecoin regulation bill by passing the third reading. This measure is drawing industry attention for establishing a key foundation for building Web3-based financial infrastructure.
The bill specifies that only stablecoins fully collateralized by legal tender can be issued, and it is expected that major global institutions will be able to apply for issuer licenses as early as the end of this year. The Hong Kong Monetary Authority (HKMA) has expressed its welcome for global companies interested in stablecoin issuance.
The passage of this bill is evaluated as more than just allowing issuance, but as a starting point for expanding the actual Web3 ecosystem. An industry official emphasized, "What's important now is how much we can expand actual use cases," stressing the need to integrate stablecoins into various fields such as physical commerce, cross-border payments, and peer-to-peer transactions.
Furthermore, with the possibility of distributing interest income from stablecoins, market competitiveness and user participation are expected to increase. This is expected to contribute not only to short-term liquidity but also to establishing long-term trust and a sustainable growth foundation.
Hong Kong authorities plan to progressively pursue follow-up tasks such as strengthening Web3 infrastructure, integrating with the real economy, and refining regulations starting with this measure.
The industry is evaluating that Hong Kong's move is significant in that it could serve as a benchmark for stablecoin policies in Asia and even globally.
