Hong Kong's Stablecoin Rules: A New Era for Digital Currencies?

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Hong Kong is poised to implement new stablecoin regulations in August, a move that could significantly impact the global stablecoin landscape. These rules, requiring licenses for fiat-referenced stablecoin issuers, are seen as a strategic step to challenge the US dollar's regional dominance and align with Beijing's de-dollarization efforts, though they may deter larger international players due to stringent requirements.

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