Hong Kong may issue its first stablecoin license early next year.

On September 3, Hong Kong Legislative Council member Ng Kit Cheung recently stated in an interview that the regulations for stablecoins in Hong Kong are very strict, and the number of licenses issued is very limited, with a possibility of one license being issued early next year. After the license is granted, it must also comply with the legal requirements of the application country's laws. In addition, the Hong Kong Legislative Council will expedite the legislative process for offline OTC next year. Ng Kit Cheung mentioned that data assets have become a major trend, and many countries and enterprises have already included data assets, including Bitcoin, in their reserves. If you are slow to act, the cost of the competition will increase. Finally, Councilor Ng stated that Hong Kong has no forex controls, very low taxes, and is backed by a country with a population of 1.4 billion. After that, by connecting to the "Belt and Road" initiative and utilizing the functions of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong is believed to have a unique position in the development of the Web3 field.