Hong Kong's Monetary Authority warns against false stablecoin promotions, reiterates that sales must be conducted by approved providers

ChainThink reports: The Hong Kong Monetary Authority (HKMA) has issued a statement today, warning that unscrupulous individuals have been using the HKMA logo to distribute promotional materials for stablecoin sales. The HKMA reiterates that, since the effective date of the Stablecoin Ordinance on August 1st, stablecoin sales must be conducted by authorized providers, including licensed stablecoin issuers, corporate entities holding a Type 1 license from the Securities and Futures Commission, virtual asset trading platforms, banks, or e-money license holders. Current over-the-counter (OTC) virtual asset transaction institutions are not within the scope of authorized providers. The HKMA reminds the public that any risks associated with purchasing non-regulated stablecoins through unregulated channels will be borne by the individual.