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During his keynote address at the Consensus Hong Kong conference, John Lee, the Chief Executive of the Hong Kong Special Administrative Region, underscored Hong Kong's growing stature as a premier global center for Web3 and cryptocurrency innovation. Following the introduction of the Stablecoin Regulation in August of the previous year, Hong Kong has instituted a licensing framework for entities issuing fiat-backed stablecoins. Presently, the Hong Kong Monetary Authority is diligently reviewing pertinent license applications, with the anticipation of granting the inaugural batch of licenses to stablecoin issuers in the upcoming month. This strategic initiative is designed to bolster Hong Kong's standing as a worldwide innovation epicenter for digital assets.
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