Hong Kong Monetary Authority: Beware of false stablecoin promotions, sales must be approved by approved providers

Mars Financial News: The Hong Kong Monetary Authority (HKMA) issued a statement today, warning that criminals have recently been using the HKMA logo to distribute promotional leaflets for stablecoin sales. The HKMA reaffirmed that since the Stablecoin Ordinance took effect on August 1st, stablecoin sales must be executed by authorized providers, including licensed stablecoin issuers, corporations with Type 1 licenses from the Securities and Futures Commission, virtual asset trading platforms, banks, or licensed stored value payment instrument operators. Currently, over-the-counter virtual asset trading institutions are not within the authorized scope. The HKMA reminds the public that if they purchase unregulated stablecoins through unregulated channels, the associated risks will be borne by individuals.