Hong Kong Monetary Authority warns against stablecoin scams; unlicensed promotion is illegal starting from August.

On July 23, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated in a post that he has noticed the recent emergence of scams using the promotion of digital assets and stablecoins, causing losses to the public. The "Stablecoin Regulation" will take effect on August 1, and according to the regulation, from the effective date, it is illegal to promote any unlicensed stablecoin to the public in Hong Kong. Eddie Yue also noted that there have been many rumors regarding the application process in the market recently, and the HKMA will publish a summary of the "Stablecoin Issuer Licensing System" next week, which will outline the arrangements for accepting and processing license applications. Interested parties are encouraged to follow this closely.