On August 1st, Hong Kong's Stablecoin Law took effect, detailing regulations from HKMA on capital, custody, KYC, reserves, and governance. Major banks are expected to apply first, but only a few licenses will be granted. Applications are due by September 30, and organizations that fail to apply may face closure. The focus is on asset tokenization, cross-border payments, and cryptocurrency trading, with warnings about speculative risks.