Late-night bombshell! Hong Kong declares war on 'wild coins'.
On July 11, Hong Kong's Financial Secretary Paul Chan dropped a bombshell: 'The Monetary Authority will expedite the processing of stablecoin license applications!' This is essentially an ultimatum for the wild coins (especially black market USDT) – no license, get lost! After the news broke, the crypto community exploded with excitement: 'Finally, we don't have to worry about playing with USDT anymore!'
Three major strategies behind the licenses.
Rooting out black market trading:
Stablecoins without licenses (like some OTC USDT) are prohibited from issuance and circulation in Hong Kong.
If an exchange lists 'wild stablecoins', their license will be revoked directly (an employee from a certain exchange revealed that 7 types of stablecoins were delisted overnight).
Giants are racing against time:
Traditional banks like Standard Chartered and HSBC have secretly formed teams for stablecoins.
Cryptocurrency exchanges Huobi Hong Kong and OSL are racing to finalize their white papers for the first batch of licenses overnight.
Retail investors' wallets are undergoing a major change:
Internal documents from the Monetary Authority exposed:
Licensed stablecoins must hold cash reserves of 1:1 in Hong Kong (saying goodbye to using user funds for leverage).
Mandatory audits every month, the fleeing parties will be completely doomed!
Why the rush to issue licenses now? Beijing is subtly supporting Hong Kong's power grab!
Deep analysis from seasoned players in the crypto space:
The new battlefield in the China-US shadow war: the US approves PayPal to issue stablecoins, while China takes a 'shortcut' through Hong Kong.
Sucking dry the black market USDT: Southeast Asian online fraud and Ponzi schemes rely on black USDT for money laundering, and Hong Kong's move aims directly at this.
Competing for pricing power: The Hong Kong government hints at a 'digital Hong Kong dollar + licensed stablecoin' combo, aimed at replacing the US dollar for settlements.
Where are the opportunities for sudden wealth? Three streams of capital have already taken action!
Exchange platform tokens soaring:
Huobi HT surged 18% in a single day (rumored that its stablecoin has passed initial review).
Compliant stablecoin 'airdrop feast':
Insiders reveal Standard Chartered plans to distribute 10 million pilot coins for free to Hong Kong residents (learning from the Hong Kong consumption voucher strategy).
Speculation on shovel stocks:
Hong Kong stocks with blockchain concepts are collectively surging, with BC Technology Group skyrocketing 32% in a single day!
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