Hong Kong will implement the Stablecoin Ordinance on August 1, making it illegal to offer or promote unlicensed fiat reference stablecoins (FRS) to retail investors. The new law provides criminal penalties up to a five-level fine of HK $50,000 (~ US $6,300) and a maximum sentence of six months in prison.
In his warning, HKMA President David Yu said the upcoming regulations are designed to bring credibility and stability to the fledgling stablecoin industry, while protecting investors from fraud and excessive speculation.
Hong Kong will criminalize the promotion of unlicensed stablecoins from August 1
2025-07-24 10:49:47
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