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

Odaily Planet Daily News Hong Kong Monetary Authority Chief Executive Yu Weiwen reminded that there have been recent frauds using the promotion of digital assets and stablecoins that have caused losses to the public. The Stablecoin Ordinance came into effect on August 1. According to the regulations, it is illegal to promote any unlicensed stablecoin to the Hong Kong public from the effective date. 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 relaxation is a kind of regulatory art. After all, the regulated stablecoin business is in its infancy. It is first strict and steady, and then moderately relaxed according to practical experience. Compared with starting too loose and then cleaning up the chaos, it is obviously more conducive to the continued healthy development of the market and issuing institutions. (Securities Times)