A significant implementation of cryptocurrency regulation in Hong Kong, here are the key points and the impact on traders:
The stablecoin regulation will officially take effect on August 1.
✅ Main Content:
The regulation clarifies that the issuance and circulation of stablecoins (such as USDT, USDC) fall under regulatory scope;
Platforms without a Hong Kong license are prohibited from selling stablecoins to retail investors, otherwise it will constitute an offense;
OTC (over-the-counter exchange) is currently not mandated to be regulated, but the trend towards regulation is obvious.
Current situation (before implementation):
Cryptocurrency exchanges are operating normally;
Journalists inquired about transaction fees: ERC20 channel fee: 80 HKD;
TRC20 channel fee: 20 HKD (for amounts below 10,000 HKD);
Customer service response: Currently categorized as over-the-counter trading, no mandatory license requirements;
Exchanging USDT, USDC, and other stablecoins is still possible.
In the short term, you can continue using the OTC/TRC low-cost channels for exchange, but be cautious about whether the exchange is legitimate;
If you are in the business of over-the-counter stablecoin trading, it is advisable to pay attention to the licensing process of the Hong Kong Monetary Authority as soon as possible;
Subsequent compliant exchanges (such as HashKey, OSL, etc.) may become the main channels for stablecoin exchanges;
It is not recommended to trade stablecoins through unlicensed platforms to avoid violating local laws.
This stablecoin regulation in Hong Kong is part of the gradual tightening of global cryptocurrency regulation, but it also means that the path to compliance is opening up.
For ordinary users, the biggest change after August 1 is: when buying or selling USDT, USDC, you need to check whether the platform is “licensed.”
For businesses, it is necessary to start preparing for licensing or transformation.
