The regulatory system for stablecoin issuers in Hong Kong has come into effect, warning against false licensing fraud

According to BlockBeats, on August 2nd, the Hong Kong Monetary Authority officially issued a security alert to guard against false stablecoin license fraud. The "Stablecoins Ordinance" in Hong Kong has officially come into effect, and the regulatory system for stablecoin issuers has also begun to be implemented simultaneously. The regulatory system is still in its infancy, and the regulatory concept will adopt a "strict first, stable" approach. With the implementation of regulatory systems, market participants should exercise caution when communicating with the public and avoid making statements that may cause misunderstandings or unrealistic expectations. According to the Stablecoins Regulations, falsely claiming to be a licensee or applicant is illegal. As of today, the Hong Kong Monetary Authority has not issued any stablecoin issuer licenses, and the public should be wary of any stablecoins or stablecoin issuers claiming to be "regulated" or "licensed" in Hong Kong. After issuing the license, the Hong Kong Monetary Authority will upload the list of stablecoin issuers to its official website in the future.