TechFlow, on July 31, according to reports by Every Day Economic News, Hong Kong's Stablecoin Ordinance will officially take effect on August 1. On the eve of its implementation, cryptocurrency exchange kiosks continue operating normally. It was reported that a journalist posing as a customer inquired about transaction fees for purchasing cryptocurrencies at one such kiosk. The fee is HK$80 via the ERC channel, and HK$20 via the TRC channel for cryptocurrency purchases under HK$10,000. Customer service staff responded that the kiosk's operations are classified as over-the-counter transactions, which currently do not require specific licensing. Therefore, exchange services for USDT, USDC, and similar assets remain operational.
Hong Kong Legislative Council member Ricky Choi stated that after the implementation of the Stablecoin Ordinance, platforms without a license selling USDT and USDC to retail investors will be committing an illegal act. Regarding existing USDT and USDC holdings in Hong Kong's market, he noted that trading them on licensed platforms would be legal, provided relevant regulatory requirements are met.
