Hong Kong and Singapore Could Recognize Stablecoins as a Means of Payment

By the end of 2024, both Hong Kong and Singapore have plans to pass laws allowing the use of stablecoins as a form of payment in their respective domestic markets.

According to Bloomberg, these regulations will include strict measures to regulate fiat-backed digital currencies.

Currently, tourists in Singapore are able to utilize stablecoins as a form of payment, but it is currently limited to only XSGD tokens, which are the digital version of the Singapore dollar.

Legislation specifically focused on transactions using USDT and other digital currencies issued by private companies is expected to be implemented by 2024.

In August, the Monetary Authority of Singapore (MAS) introduced the Stablecoin Bill, while a similar document is in the process of public consultation in Hong Kong.