The Hong Kong Monetary Authority (HKMA) has finalized its regulatory framework for stablecoin issuers, releasing two sets of guidelines that will take effect on August 1.
On Tuesday, the HKMA published the complete guidelines and consultation conclusions to clarify the upcoming rules.
These documents pertain to the regulation of licensed stablecoin issuers as well as the anti-money laundering (AML) and counter-terrorism financing (CTF) rules for licensed stablecoin issuers.
As the rules are finalized, the Hong Kong region will launch a public registration system for licensed issuers as part of a broader effort to bring regulation to the local cryptocurrency ecosystem.
The regulator stated, "In the future, the public can refer to the list of registered licensed stablecoin issuers displayed on the HKMA website."
The regulator also mentioned, "As of today, the HKMA has not issued any licenses," and warned the public to remain vigilant against individuals or entities claiming to be regulated or licensed stablecoin issuers in Hong Kong.
The HKMA also cautioned the public to be wary of those claiming to be applying for licenses. The HKMA stated, "Members of the public holding unlicensed stablecoins must bear the risks themselves."
On Thursday, HKMA Chief Executive Eddie Yue stated that the hype surrounding stablecoins has led to unreasonable trading volumes and soaring stock prices.
He indicated that it seems necessary to "curb this frenzy" and clarify that many institutions applying for stablecoin licenses do not meet the regulator's standards.
Eddie Yue noted that some proposals are vague and lack realistic implementation plans. He added that some applicant groups lack the technical expertise to become stablecoin issuers.
Eddie Yue stated that as the new regulatory framework takes effect, only a limited number of licenses will initially be issued. He also warned investors to stay away from unlicensed stablecoin products to avoid violating the upcoming laws.
The HKMA encourages market participants intending to apply for stablecoin licenses to contact the regulator before August 1.
The HKMA stated that applicants must also submit complete applications by September 30 to be considered among the first batch of licensed entities.
In other regions of China, scams related to stablecoins are on the rise. On July 7, Shenzhen authorities warned citizens to be cautious of illegal schemes disguised as cryptocurrency and stablecoin products.
The city's task force against illegal financial activities reminded the public to be aware of unlicensed entities promoting cryptocurrency investments.
Officials stated that these groups mislead investors, taking advantage of the public's limited understanding of stablecoins to offer illegal investments.
Related: Stablecoin Google search volume hits an all-time high, experiencing "parabolic" growth
Original article: “Hong Kong Monetary Authority (HKMA) Finalizes Stablecoin Rules, Launches Public Registration System”
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