Hong Kong has rolled out strict new rules for fiat-backed stablecoins. Only entities with proper licensing can sell these stablecoins in the region, and they must be issued by approved providers to be available to retail investors.
What’s more, the regulations include an "active promotion" clause. This means that any entity—whether operating inside or outside Hong Kong—that actively markets regulated stablecoin activities must obtain a license, even if they're not directly involved in issuing or selling the assets.
This move underscores Hong Kong’s push to create a secure and compliant digital asset environment.