BlockBeats news, on August 8, the Hong Kong Monetary Authority issued a statement today warning that recent illegal individuals have misused the Monetary Authority's logo to issue promotional flyers for stablecoin sales. The Monetary Authority reiterated that since the Stablecoin Ordinance came into effect on August 1, stablecoin sales must be conducted by licensed stablecoin issuers, corporations holding Type 1 licenses from the Securities and Futures Commission, virtual asset trading platforms, banks, or licensed providers of stored value payment tools. Currently, virtual asset over-the-counter trading institutions are not within the permitted scope.
The Monetary Authority reminds the public that if they purchase unregulated stablecoins through unregulated channels, the associated risks must be borne by the individual.