Hong Kong Monetary Authority: Beware of false stablecoin promotions, sales must be conducted by authorized providers

ChainCatcher message, the Hong Kong Monetary Authority (HKMA) today issued a statement warning that recent illegal activities have involved individuals misusing the HKMA logo to distribute promotional flyers for stablecoin sales. The HKMA reiterated that since the implementation of the Stablecoin Ordinance on August 1, stablecoin sales must be conducted by licensed stablecoin issuers, corporations holding a Type 1 license from the Securities and Futures Commission, virtual asset trading platforms, banks, or licensed stored value payment tool providers. Currently, virtual asset over-the-counter trading institutions are not within the approved scope. The HKMA reminds the public that if they purchase unregulated stablecoins through unregulated channels, the associated risks must be borne by the individual.