On August 1st, Hong Kong Legislative Council member Wu Jiazhuang posted on social media that the Hong Kong stablecoin regulations officially came into effect today. He was pleased to see many global institutions coming to Hong Kong to understand or express their intention to apply for stablecoin licenses, which will undoubtedly promote Hong Kong's development as a global Web3 center. He also reminded industry practitioners and related institutions that after the law takes effect, those engaged in stablecoin-related businesses must strictly comply with regulations. Recently, many industry professionals have consulted whether offline "crypto asset exchange shops" can continue to exchange and sell so-called "stablecoins". He advised everyone to pay special attention to:
Carefully read the specific provisions of Articles 6 and 9 of the stablecoin regulations;
Call on Hong Kong users interested in participating in crypto asset investment and trading to be sure to choose compliant Hong Kong trading platforms for operations.
