Hong Kong Monetary Authority: From August 1, it is illegal to promote any unlicensed stablecoin to the public

Odaily News Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, warned that there have been recent scams that have caused losses to the public by promoting digital assets and stablecoins. The Stablecoin Ordinance came into effect on August 1. According to the ordinance, it is illegal to promote any unlicensed stablecoin to the Hong Kong public from the date of its effectiveness.
Yu Weiwen revealed that the central banks and financial regulatory authorities of various countries have recently focused more on how to prevent stablecoins from being used as money laundering tools by criminals, especially in cross-border scenarios. In its latest annual economic report, the Bank for International Settlements has used a lot of space to emphasize the importance of preventing stablecoin money laundering risks. Yu Weiwen believes that the art of regulation is a kind of art of regulation. After all, the regulated stablecoin business is in its infancy. It is obviously more conducive to the sustained and healthy development of the market and issuing institutions to be strict first, take a steady approach, and then relax appropriately according to practical experience, rather than starting too loosely and then cleaning up the chaos. (Securities Times)