New Regulatory Framework Takes Effect August 1

Hong Kong's monetary authority has finalized its regulatory framework for stablecoin issuers, with new rules set to take effect next month. The Hong Kong Monetary Authority (HKMA) released two comprehensive guidelines on Tuesday, covering issuer supervision and anti-money laundering requirements.

Public Registry Launched for Transparency

As part of the new oversight measures, the HKMA will maintain a public registry of licensed stablecoin issuers. "The public may refer to the register shown on our website," stated the regulator, emphasizing the importance of verifying issuer credentials.

No Licenses Issued Yet

The HKMA made clear that 【no licenses】 have been granted to date. Authorities warned against entities falsely claiming licensed status or pending applications. ——Investors dealing with unlicensed stablecoins assume all risks——, the notice emphasized.

Regulator Cautions Against Market Hype

HKMA Chief Executive Eddie Yue noted excessive speculation surrounding stablecoins has distorted trading volumes and stock prices. "We need to rein in the euphoria," he said, revealing most applicants failed to meet technical and operational standards.

Initial approvals will be limited, with full applications due by September 30 for first-round consideration. The HKMA encouraged serious applicants to begin discussions before the August 1 effective date.

Shenzhen Reports Rise in Crypto Scams

Meanwhile, mainland Chinese authorities have observed increasing fraudulent schemes exploiting stablecoin interest. Shenzhen's financial task force recently alerted citizens about unlicensed operations marketing crypto investments, often leveraging public unfamiliarity with digital assets.

The developments come as Asian jurisdictions increasingly focus on cryptocurrency oversight. Vietnam recently deployed a national blockchain system, while Japan explores stablecoin integration with traditional banking.