Hong Kong Monetary Authority warns against false stablecoin promotions, reiterates that sales must be conducted by authorized providers

According to a report by Jinse Finance, the Hong Kong Monetary Authority (HKMA) issued a statement today warning that criminals have recently been using the HKMA logo to distribute promotional leaflets for stablecoin sales. The HKMA reiterated that, starting from August 1, when the Stablecoin Regulation comes into effect, the sale of stablecoins 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 facility providers. Currently, over-the-counter virtual asset trading institutions are not included in the list of authorized providers. The HKMA reminds the public that if they purchase unregulated stablecoins through unregulated channels, they will bear the associated risks themselves.