Hong Kong finalizes stablecoin rules, launches public registry
Main Idea
The Hong Kong Monetary Authority (HKMA) has finalized stablecoin regulations effective August 1, introducing a public registry and emphasizing compliance with AML and CTF rules.
Key Points
1. The HKMA finalized its regulatory framework for stablecoins, with rules set to take effect on August 1.
2. A public registry of licensed stablecoin issuers will be launched on the HKMA's website.
3. No licenses have been issued yet, and the HKMA warned the public about unauthorized claims of license applications.
4. HKMA Chief Executive Eddie Yue highlighted concerns over stablecoin hype leading to unjustified trading volume and stock price surges.
5. Stablecoin-related scams are reportedly increasing in other parts of China, with authorities warning against illegal investments.
Description
The HKMA finalized stablecoin regulations set to take effect Aug. 1, warning no licenses have been issued and urging caution against hype and scams.
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