Hong Kong and Washington race to regulate the future of digital finance

Hong Kong’s Stablecoin Law is cementing the financial hub’s digital ambitions, however pending US crypto laws are keeping regulatory competition tight as both chase the growing opportunity.

The $280 billion market for fiat backed digital tokens is expected to receive an institutional boost after Hong Kong’s Stablecoin Bill went into effect last month. Now enacted, Hong Kong has become one of the first jurisdictions in the world to adopt dedicated stablecoin legislation, taking place more than a year after local regulators approved exchange traded funds linked to Bitcoin spot prices.

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