The Hong Kong Monetary Authority (HKMA) posted on FB stating that they have noticed a promotional leaflet circulating in the market using the HKMA logo, regarding the sale of stablecoins. The HKMA clarifies that they have not issued any such promotional leaflet.
The HKMA stated that currently, only authorized providers can legally offer fiat stablecoins. The authorized providers are currently limited to: licensed stablecoin issuers; corporations licensed by the SFC to conduct Type 1 regulated activities; virtual asset trading platforms licensed by the SFC; banks; and stored value payment instrument licensees. Unauthorized providers are not permitted to offer stablecoins to retail or professional investors (regardless of whether the stablecoin is regulated). Virtual asset over-the-counter (OTC) trading institutions are currently not considered authorized providers under the Ordinance.
