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Hong Kong Monetary Authority: Promoting Unlicensed Stablecoins to the Public Illegal Starting August 1
Summary: In a recent announcement, the President of the Hong Kong Monetary Authority, Eddie Yue, warned of fraudulent activities involving the promotion of digital assets and stablecoins, causing losses to the public. The 'Stablecoin Regulation' will come into effect on August 1, making it illegal to promote any unlicensed stablecoins to the Hong Kong public from ...
In a recent announcement, the President of the Hong Kong Monetary Authority, Eddie Yue, warned of fraudulent activities involving the promotion of digital assets and stablecoins, causing losses to the public. The 'Stablecoin Regulation' will come into effect on August 1, making it illegal to promote any unlicensed stablecoins to the Hong Kong public from that date onwards. Yue revealed that central banks and financial regulators worldwide are increasingly focused on preventing the misuse of stablecoins for money laundering, especially in cross-border scenarios. The latest annual economic report from the Bank for International Settlements emphasizes the importance of preventing money laundering risks associated with stablecoins. Yue believes that a balanced regulatory approach is crucial, considering that regulated stablecoin businesses are still in their early stages. Starting with strict regulations and stability, followed by gradual relaxation based on practical experience, is more conducive to the continuous healthy development of the market and issuing institutions. (Securities Times)
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Link: Hong Kong Monetary Authority: Promoting Unlicensed Stablecoins to the Public Illegal Starting August 1 [Copy]
