Ng said Hong Kong is welcoming “global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong,” offering to personally assist with introductions and collaboration:“I am also happy to facilitate connections and collaborate with all stakeholders to advance the development of Web3 in Asia and globally, with Hong Kong at the center.“Related: Hong Kong introduces crypto staking rules, reaffirms Web3 commitmentHong Kong aims to become a Web3 powerhouseNg said the legislation marks the first step on the road toward building Web3 infrastructure in Hong Kong.“The most crucial step is to develop more real-world applications.”Ng said stablecoin adoption has the potential to drive innovation in retail payments, cross-border trade and peer-to-peer transactions.
Related: HashKey receives Hong Kong approval to offer crypto staking servicesInterest for stablecoin holdersAccording to Ng, “providing interest will strengthen the competitiveness of stablecoins.” This increased competitiveness, he explained, incentivizes broader participation and expands stablecoin market share, which supports what he views as sustainable growth.
In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption.“It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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