Hong Kong’s new stablecoin ordinance, which requires issuers of assets backed by fiat currency to be licensed, is set to take effect on August 1, according to a government announcement on Friday.The city’s Legislative Council passed the bill regulating stablecoins – a type of cryptocurrency backed by a reference asset, usually fiat currencies such as the US and Hong Kong dollars – on May 21, but the government had not previously announced when it would take effect. The law requires a licence...