The Hong Kong Monetary Authority (HKMA), the special authority of the central banking of the administrative region, has completed its regulation framework for Stablecoin outsiders, which has released two sets of guidelines that will be effective on August 1.
On Tuesday, the HKMA released Completed guidelines and conclusions of consultation to clarify upcoming policies.
The documents responded to the administration of Licensed StableCoin who provided and anti-money laundering (AML) and policies of counter-terrorism (CTF) for licensed stablecoin issues.
In conjunction with the -Finalize policies, Hong Kong will launch a public registry of licensed issues as part of a broader push to bring administration to the local crypto ecosystem.
“In the future, the public may refer to the register of licensed Stablecoin issues as shown on the HKMA website,” the regulator said.
HKMA said there are no licenses issued yet
“So far, there is no license issued by HKMA,” the regulator said, warning the public to remain vigilant and careful to people or creatures who say regulated or licensed stablecoin providers to Hong Kong.
HKMA also warned the public to those who claimed to be applying for a license. “Members of the public holding unlicensed stablecoins are at their own risk,” HKMA said.
The Central Bank has recently made statements about a frenzy in the market driven by Stablecoin Hype. On Thursday, HKMA’s chief executive Eddie Yue said Stablecoin Hype lead to unfair trading volume and stock prices.
The officer said it seemed necessary to “return to Euphoria,” which made it clear that many applying for Stablecoin licenses have fallen to regulator standards.
Yue said the proposals were unclear and there was no realistic implementation. He added that some groups applying are lacking the technical expertise to become Stablecoin issues.
Yue simply said that some licenses will be released at first while the new regulatory framework will be effective. He also warned investors to guide unlicensed Stablecoin offerings to prevent the abolition of the upcoming law.
HKMA urged market participants interested in applying for a Stablecoin license to approach the regulator on August 1st.
The central bank said applicants should also submit their entire application through Sept. 30 to consider in the first batch of licensed.
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Shenzhen warns against the Stablecoin scam
In other parts of China, stablecoin -related scams are rising. On July 7, the authorities from Shenzhen warned citizens about illegal methods Identified as crypto and stablecoin offerings.
The city government’s work force for illicit financial activities has alerted the public to unlicensed entities that have converted crypto investments.
Officials said these groups were cheating on investors and using limited public stablecoin knowledge to offer illegal investments.
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