Hong Kong Stablecoin Issuer Regulatory Regime Comes into Effect, Beware of Fraudulent Licensing Scams

According to a report by Jinse Finance, the Hong Kong Monetary Authority (HKMA) has issued an official security alert, warning against fraudulent claims of licensed stablecoin issuers. The Hong Kong "Stablecoin Ordinance" has officially come into effect, and the regulatory framework for stablecoin issuers is being implemented simultaneously. As the regulatory regime is still in its early stages, the supervisory approach will follow the principle of "strict first, steady progress." With the new regulations in force, market participants should exercise caution when communicating with the public, avoiding statements that could cause misunderstandings or create unrealistic expectations. Under the Stablecoin Ordinance, it is illegal to falsely claim to be a licensee or an applicant. As of today, the HKMA has not issued any stablecoin issuer licenses. The public should be wary of any stablecoin or stablecoin issuer claiming to be regulated or licensed in Hong Kong. Once licenses are granted, the HKMA will publish a list of licensed stablecoin issuers on its official website.