The regulatory system for stablecoin issuers in Hong Kong has come into effect, beware of fraudulent licensing scams

ChainCatcher news, according to the official safety alert released by the Hong Kong Monetary Authority, beware of fraudulent licensed stablecoin scams. The Hong Kong "Stablecoin Ordinance" has officially come into effect, and the regulatory system for stablecoin issuers has also begun to be implemented. The regulatory framework is still in its early stages, and the regulatory approach will adopt a "strict first, steady later" policy.

With the implementation of the regulatory system, market participants should exercise caution when communicating with the public to avoid making statements that may lead to misunderstandings or create unrealistic expectations. According to the "Stablecoin Ordinance," falsely claiming to be a licensee or applicant is illegal.

As of today, the Monetary Authority has not issued any stablecoin issuer licenses, and the public should be wary of any stablecoins or stablecoin issuers claiming to be "regulated" or "licensed" in Hong Kong. After licenses are issued, the Monetary Authority will upload the list of licensed stablecoin issuers to its official website.