Original Author: Ethan, Odaily Planet Daily
On the evening of May 21, the Stablecoin Regulation Bill submitted by the Hong Kong Special Administrative Region Government by the end of 2024 was passed by the Hong Kong Legislative Council through its third reading, and will officially take effect after being signed by the Chief Executive and published in the gazette. Hong Kong has become the first jurisdiction globally to establish a comprehensive regulatory framework for fiat-pegged stablecoins, with compliant Hong Kong stablecoins expected to be officially launched by the end of this year.
Meanwhile, the US Senate passed the procedural vote for the "Guiding and Establishing Stablecoin Innovation Act of 2025" (GENIUS Act) on May 19 with a vote of 66:32, attempting to provide federal regulation for US dollar-pegged stablecoins. This article will deconstruct the core content of the Hong Kong Stablecoin Law based on the original text of the "Regulation", compare it with the US Stablecoin Act "GENIUS Act", and collect industry perspectives to explore the similarities and differences and impacts of these two regulatory frameworks.
[The rest of the translation follows the same professional and accurate approach, maintaining the original meaning and tone while translating into English.]
Johnny Wu (@Johnny_nkc): Chinese CPPCC Member, Hong Kong Legislator, Head of Hong Hong Kong Leadership4Hong Kong is promoting stablecoins to an international Web3 financial center, leveraging China's 1..4population and demographic dividend. It will not only launch a Hong Kong dollar stablecoin but but also offshore RenmB stablecoin and other stablecoins, embracing cryptocurrencies, Web3, and stablecoins.co's passage rate is step of Web Web3 infrastructure. I hope to work together to promote: First, creating application scenarios - stablecoin issuance is the first step, but the most important is to create more application scenarios for stablecoins. Whether in physical retail, cross-border trade, or trading equivalents, I believe there is great potential and opportunity to promote stablecoin implementation. I call on friends from traditional and physical industries to understand and embrace stableco,ins be innovation. The second is to improve the the attributes, including releasing interestests to holders. Releasing interest can help enhance the market competitiveness of stablecoins and attract releaseives to the entire stmarket share supporting stdevelopmentmenet of stablecoins.
Wall Street News:
On May 21, the Kong's Legislative Kong Council the "Stablecoin Regulation Bill" marking in third reading, marking the formal inclusion of virtual asset of ststablecointoins system. Meanwhile, the US government is also accelerating stablecoin legislation. As major centers establishing currency, control era, "inage competition" may have just begun.
