Hong Kong Securities Regulator Warns Against Stablecoin License Scams

According to Foresight News, the Executive Director of the Intermediaries Division at the Hong Kong Securities and Futures Commission, Yeh Chi-hang, has cautioned investors about companies inflating their stock prices under the guise of applying for stablecoin licenses. Yeh advised investors to remain rational and vigilant against potential scams. He disclosed that in the first half of this year, the commission received 265 complaints related to virtual asset transactions. These complaints primarily involved overseas fraud, platform violations, or frozen funds. Yeh also warned about the risks associated with trading on unlicensed platforms.