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Some Hong Kong Crypto OTC Stores Temporarily Close on First Day of Stablecoin Regulations
Summary: According to reports, on the first day of the implementation of the stablecoin regulations in Hong Kong, some cryptocurrency OTC offline stores, including One Satoshi, temporarily closed due to concerns about violating regulatory requirements. However, some OTC offline stores chose to continue operating. The operators of some stores that chose to continue operating believe that ...
According to reports, on the first day of the implementation of the stablecoin regulations in Hong Kong, some cryptocurrency OTC offline stores, including One Satoshi, temporarily closed due to concerns about violating regulatory requirements. However, some OTC offline stores chose to continue operating. The operators of some stores that chose to continue operating believe that OTC activities involving non-Hong Kong legal tender issued overseas (such as USDT) are not within the scope of regulation under the regulations.
Based on the spirit of Hong Kong's common law, if there is no clear precedent to determine that stablecoin OTC activities are illegal, OTC businesses may still be able to continue operating.
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Link: Some Hong Kong Crypto OTC Stores Temporarily Close on First Day of Stablecoin Regulations [Copy]
