Hong Kong Declares Unlicensed Stablecoin Promotions a Crime
0Hong Kong
Hong Kong will issue a limited number of stablecoin licenses initially, restricting unlicensed offerings to professional investors, with approvals expected later this year.
Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
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Last updated:
July 24, 2025
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Hong Kong will soon make it illegal to market unlicensed stablecoins to the public, as the city tightens controls ahead of the rollout of a long-anticipated regulatory framework.
The move comes as authorities seek to cool market euphoria and protect retail investors from hype and fraud in the digital asset space.
Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), issued a warning on Wednesday, just days before the city’s Stablecoins Ordinance comes into effect on Aug. 1.
In a blog post, he urged the public to remain cautious amid “frothy” market behavior and excessive excitement over stablecoins.
Dozens of Firms Eye Stablecoin Licenses Amid Tightening Rules.
Yue said the new law will make it illegal to offer or actively promote fiat-referenced stablecoins, or FRS, to retail investors. However, this restriction applies only to those without a license from the HKMA.
“We urge the public to stay vigilant to avoid violating the law inadvertently,” he wrote, adding that some recent promotions have bordered on market manipulation or fraud.
The crackdown follows a...
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