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Hong Kong Stablecoin Issuer Regulatory Regime Takes Effect, Vigilant Against Fraudulent Licensed Entity Scams
BlockBeats News, August 2nd, the Hong Kong Monetary Authority (HKMA) officially issued a security reminder to beware of fraudulent stablecoin licensing scams. The Hong Kong Stablecoin Regulation has officially come into effect, and the Stablecoin Issuer Regulatory Regime has also begun implementation simultaneously. The regulatory regime is still in its early stages, and the regulatory concept will follow the principle of "being strict first and progressing steadily."
With the implementation of the regulatory regime, market participants should act cautiously when communicating with the public to avoid making statements that may be misunderstood or create unrealistic expectations. According to the Stablecoin Regulation, falsely claiming to be a licensee or applicant is illegal.
As of today, the HKMA has not issued any stablecoin issuer licenses. The public should be vigilant against any stablecoin or stablecoin issuer claiming to be "regulated" or "licensed" in Hong Kong. After issuing licenses, the HKMA will later upload the list of licensed stablecoin issuers to the HKMA's official website.
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