HKMA Finalizes Stablecoin Regulations for August, Cautions Public on Licensing and Scams
Main Idea
The Hong Kong Monetary Authority (HKMA) has finalized its stablecoin regulatory framework, effective August 1, 2024, introducing licensing and AML/CTF requirements, but no licenses have been issued yet, and the public is warned to avoid unlicensed stablecoins and scams.
Key Points
1. HKMA’s stablecoin regulations take effect on August 1, 2024, introducing a licensing regime and strict AML/CTF rules.
2. No stablecoin licenses have been issued as of July 2024, with HKMA Chief Executive Eddie Yue signaling a cautious approach to licensing.
3. HKMA warns about stablecoin hype leading to inflated trading volumes and scams, with Shenzhen authorities also alerting citizens to rising stablecoin-related fraud.
4. Interested parties must submit full applications by September 30, 2024, to be considered in the initial licensing round.
5. Holding unlicensed stablecoins exposes investors to significant risks, and the HKMA emphasizes compliance with AML and CTF rules for issuers.
Description
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