Hong Kong Monetary Authority: Beware of fake stablecoin licensing scams. Holders of unregulated stablecoins bear their own risks.

Huoxun Finance reported on August 2nd that the Hong Kong Monetary Authority (HKMA) issued an official security alert, warning against fraudulent stablecoin licensing schemes. The Hong Kong Stablecoin Ordinance has officially come into effect, and the regulatory regime for stablecoin issuers has also been implemented. While the regulatory regime is still in its early stages, the HKMA will adopt a "strict first, steady" approach. The HKMA specifically reminds market participants to exercise caution when communicating with the public and avoid statements that could cause misunderstanding or create unrealistic expectations. Falsely claiming to be a licensed entity or applicant is illegal. Citizens holding unregulated stablecoins do so at their own risk.