Techub News reports that some cryptocurrency OTC stores in Hong Kong received leaflets today printed with "Financial Management Authority Reminder", indicating that the stablecoin regulation will take effect on August 1st. Anyone without the relevant license who buys or sells specified stablecoins (including USDT), or conducts regulated stablecoin activities, will be considered illegal, with potential fines of 500 million Hong Kong dollars and up to 7 years imprisonment. The letter also states that no one, whether a registered customer or a professional individual investor, is permitted to buy or sell stablecoins; virtual currency service providers showing or offering stablecoin quotes to any person in any form will be considered illegal.
Techub News reminds that it is currently uncertain whether the leaflet was officially issued by the Hong Kong Financial Management Authority, and the leaflet does not bear the full name of the authority. As of the time of writing, no official statement has been released by the authority.
