HK Movers | Stablecoin Stocks Jump with Lianlian DigiTech up 62%
Hong Kong-listed stablecoin concept stocks defied the market trend and rose, with shares of Lianlian DigiTech up 62%, OKG Tech up 33%, Sinohope Tech up 14%, OSL Group up 5%, ZA Online up 0.6%.
The Government of the Hong Kong Special Administrative Region published the Stablecoin Regulation in the Gazette on May 30, officially enacting it into law.
Previously, on May 21, the Legislative Council of Hong Kong officially passed the bill to establish a licensing regime for issuers of 'fiat-referenced stablecoins'—stablecoins pegged to legal tender. The legislation aims to promote financial innovation while safeguarding financial stability, marking a significant step forward for Hong Kong in the digital asset space.
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