Hong Kong to Intensify 'Unlicensed Stablecoin' Regulation…Penalties Begin in August
Summary
- Hong Kong announced that from next month it will fully implement regulations on unlicensed stablecoins.
- The Hong Kong Monetary Authority conveyed its plan to release guidelines on stablecoin supervision and anti-money laundering by the end of this month.
- Next week, guidelines regarding the required permit for issuing or promoting stablecoins will be released.
Hong Kong will begin full-scale regulation of unlicensed stablecoins starting next month.
The Hong Kong Monetary Authority (HKMA) announced on the 23rd (local time), "The Stablecoin Ordinance will come into effect from the 1st of next month" and stated, "From the implementation date, it will be illegal to offer or promote unlicensed fiat-backed stablecoins."
Hong Kong also plans to release separate regulatory guidelines regarding stablecoins. The Hong Kong Monetary Authority said, "We will announce guidelines on (stablecoin) supervision and anti-money laundering by the end of this month," adding, "Stricter requirements will be imposed to minimize the risk of stablecoins being used as tools for money laundering." It further added, "Next week, we will release a 'stablecoin issuance permit guide.'"
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![[Market] Bitcoin slips below $75,000…Ethereum also falls under $2,200](https://media.bloomingbit.io/PROD/news/eaf0aaad-fee0-4635-9b67-5b598bf948cd.webp?w=250)
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