Officials from the Hong Kong Securities and Futures Commission (SFC) have warned that the risk of fraud has increased with the implementation of new local stablecoin regulations.
According to financial media outlet Zhitong Finance on August 18, SFC's Executive Director of Intermediaries Division, Yip Chi-hang, stated that the risk of fraud has risen following the recent introduction of regulatory measures related to stablecoins. He urged investors to remain cautious and avoid making irrational investment decisions due to market speculation or price trends.
Yip's comments came after the new stablecoin regulatory rules took effect on August 1, a day when some stablecoin companies in the Hong Kong market experienced double-digit losses. Analysts at the time believed that the sell-off was a normal market adjustment, as the regulatory requirements faced by stablecoin issuers were stricter than expected.
However, Yip also pointed out that some companies saw significant stock price increases merely by applying for stablecoin licenses based on disclosed plans.
Last Thursday, the SFC and the Hong Kong Monetary Authority (HKMA) jointly issued a statement regarding recent market fluctuations related to stablecoins. The regulatory bodies mentioned the recent severe market movements associated with companies and stablecoins.
The statement noted, "These fluctuations appear to be primarily driven by corporate announcements, news reports, social media content, or market speculation regarding the feasibility of applying for stablecoin issuer licenses, participating in related activities, or promoting such plans in Hong Kong."
The SFC also stated that it will continue to closely monitor trading activities in Hong Kong. The regulatory body indicated that it would take strict measures against any manipulation or fraudulent activities that could harm market integrity.
As the related warnings were issued, Hong Kong has begun enforcing the "Stablecoin Regulation." This regulation took effect on August 1 and includes a six-month compliance transition period.
The "Stablecoin Regulation" has criminalized the provision or promotion of unlicensed fiat-pegged stablecoins to retail investors. When these measures were introduced, relevant authorities in Hong Kong had completed the regulatory framework for stablecoin issuers. Additionally, a dedicated public licensing registration system was established.
Last week, the SFC also released immediate guidance on cryptocurrency custody standards, outlining comprehensive security requirements and prohibiting the use of smart contracts in cold wallet management. This regulation may conflict with the existing practices of several industry leaders and requires further attention.
Related news: Jeju City in South Korea will seize cryptocurrency assets suspected of tax evasion.
Original article: “Hong Kong Issues New Stablecoin Regulations, Warning of Increased Fraud Risk”
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