Hong Kong has officially put its Stablecoin Ordinance into effect, requiring issuers of fiat-backed stablecoins to get a license from the Hong Kong Monetary Authority. The rules include strong compliance, reserve, and risk management standards to protect investors and ensure stability. This year, the government will also submit a full framework for crypto trading, custody, advisory, and management services to the Legislative Council. Cross-border tax reporting is expected to start in 2028, strengthening oversight and aligning with global standards.
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