【Hong Kong will criminalize the promotion of unlicensed stablecoins starting August 1】According to Golden Finance, Hong Kong will enforce the "Stablecoin Regulation" starting August 1, which states that providing or promoting unlicensed fiat-referenced stablecoins (FRS) to retail investors is illegal. The new law imposes criminal penalties of up to level five fines of 50,000 Hong Kong dollars (approximately 6,300 USD), with a maximum prison term of six months. Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated in a warning that the upcoming regulations aim to bring credibility and stability to the emerging stablecoin industry while protecting investors from fraud and excessive speculation.