The Hong Kong Monetary Authority warns of fake stablecoin licensing scams

On August 2, the Hong Kong Monetary Authority (HKMA) issued an official security warning, alerting about scams related to stablecoin licensing. The Hong Kong Stablecoin Act has officially come into effect, and the legal framework for stablecoin issuers is also beginning to be implemented.

Although the regulatory framework is still in its early stages, the HKMA has stated that it will adopt the principle of "strict first, stable later." This agency particularly reminds market participants to be cautious when communicating with the public, avoiding statements that may lead to misunderstandings or create unrealistic expectations.

Counterfeiting is the act of an organization that has been licensed or is applying for a license, which is a violation of the law. Citizens holding unregulated stablecoin will have to bear the risk themselves.