The Hong Kong Special Administrative Region Government officially enacted the Stablecoin Ordinance on May 30, following its third reading approval by the Legislative Council on May 21. This landmark legislation completes Hong Kong’s digital asset regulatory system and paves the way for compliant stablecoin issuance by year-end. The ordinance establishes clear licensing requirements for issuers while mandating robust reserve management and disclosure protocols, positioning Hong Kong as a regulated hub for digital currency innovation.
The U.S. Senate achieved a legislative breakthrough on May 20 by passing the GENIUS Act, which creates a federal framework for dollar-pegged stablecoins. Vice President Vance emphasized the bill’s strategic importance at the 2025 Bitcoin Conference, noting its dual role in strengthening dollar hegemony while supporting fintech innovation. The legislation requires stablecoin issuers to maintain 1:1 reserve backing and subjects them to Treasury Department oversight, marking Washington’s most significant crypto regulation to date.
Britain’s Financial Conduct Authority unveiled a comprehensive regulatory proposal on May 27 that raises the bar for stablecoin operations. The framework imposes strict reserve custody requirements, enhanced financial disclosures, and stress testing mandates for issuers. Notably, the rules demand real-time proof of reserves and prohibit algorithmic stabilization mechanisms, reflecting global regulators’ growing consensus on preventing TerraUSD-style collapses. These coordinated moves by major financial centers demonstrate accelerating institutionalization of digital asset markets worldwide.
Related topics：
