Hong Kong grants first stablecoin license

Hong Kong has issued its inaugural stablecoin license to a joint venture involving major financial institutions HSBC and Standard Chartered. This move marks a significant step in the region's efforts to regulate and integrate digital assets into its financial ecosystem. The granting of the license signals regulatory clarity and support for stablecoin innovation within Hong Kong. It positions the territory as a key player in the evolving landscape of digital finance and cryptocurrency.