PANews reported on May 30 that the Hong Kong Stablecoin Ordinance was officially gazetted on May 30, marking its formal entry into law and is expected to take effect this year. The ordinance establishes a licensing system for issuers of "legal stablecoins", allowing only licensed institutions to issue or sell stablecoins anchored to the value of the Hong Kong dollar in Hong Kong, aiming to strengthen protection for the public and investors. The Hong Kong Monetary Authority stated that the ordinance has established a risk-based, pragmatic and flexible regulatory mechanism to provide institutional support for the healthy and sustainable development of stablecoins and digital assets. The ordinance clearly stipulates that applicants must meet compliance requirements such as reserve asset management, value stabilization mechanism, redemption arrangements, and anti-money laundering.