On August 9, according to Caixin, the Hong Kong Stablecoin Regulation will take effect on August 1, 2025. In addition to introducing a licensing system for issuers, the regulation clearly stipulates that only "permitted offerors" with five types of licenses can offer stablecoins in Hong Kong. In other words, exchange shops that previously operated USDT and USDC stablecoin exchange businesses in Hong Kong will need to suspend such operations.
Reporters found that some exchange shops represented by "One Bit of Bitcoin" and "5X Crypto" have already suspended USDT and USDC exchanges with fiat currency; some exchange shops like "BitsMark" have even closed down. However, some exchange shops such as "Crypto Panda" and "Star Coin" no longer openly quote prices for exchanging these stablecoins but can still conduct private inquiries and transactions.
