According to online reports, according to the 21st Century Business Herald, Hong Kong's "stablecoin Ordinance" officially came into effect today. The Monetary Authority of the HKMA will grant a "temporary license" to a stablecoin issuer that can prove its capabilities in the first six months (before February 1, 2026). If the stablecoin issuer is not satisfied, it will receive a "refusal notice" issued by the Monetary Authority. The entity will enter a closure period on the day of issuance of the notice and end its Hong Kong business in an orderly manner within one month.