The Hong Kong Monetary Authority reminds to beware of false stablecoin advertising and reiterates that sales must be approved by authorized providers

According to a report by Golden Finance, the Hong Kong Monetary Authority issued a statement today warning against recent criminals who have falsely used the authority's logo to release promotional flyers for the sale of stablecoins. The Hong Kong Monetary Authority reiterates that from the effective date of the "Stablecoins Ordinance" on August 1, the sale of stablecoins must be carried out by licensed stablecoin issuers, corporations holding Class 1 licenses from the China Securities Regulatory Commission, virtual asset trading platforms, banks or holders of stored value payment instruments, and other authorized providers. The current over-the-counter trading institutions for virtual assets are not within the scope of recognition. The Hong Kong Monetary Authority reminds the public that if purchasing non regulated stablecoins through non regulated channels, the relevant risks must be borne by individuals.