Hong Kong’s stablecoins ordinance, which took effect on Friday, puts cryptocurrency’s most-traded cash substitute under the same regulatory framework as banks, triggering a rush for a limited number of licences from the Hong Kong Monetary Authority (HKMA).Some market observers were caught by surprise after learning that the first batch of stablecoin licences was only expected to be issued early next year, as the regulator adopted a prudent approach to ensure the sustainable development of its...