TechFlow news, July 23 — According to Zhitong Caijing, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that fraudulent activities involving the promotion of digital assets and stablecoins have recently emerged, causing financial losses to the public. The Stablecoin Ordinance will take effect on August 1. Under the ordinance, promoting any unauthorized stablecoin to the Hong Kong public will be illegal from the effective date. Eddie Yue also noted widespread market rumors regarding the application process. The HKMA will release a summary document next week outlining the "Stablecoin Issuer Licensing Regime," detailing the arrangements for submitting and processing license applications. Interested parties are advised to stay tuned.
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