TechFlow, on August 1, Hong Kong Legislative Council member Ng Kok-chung posted on X stating, "Today marks the implementation of Hong Kong's stablecoin regulations. I'm pleased to see numerous global institutions coming to Hong Kong to learn about or express their interest in applying for stablecoin licenses, which will undoubtedly help position Hong Kong as a global Web3 hub.
Additionally, I want to remind industry practitioners and relevant organizations that after the enforcement of the Stablecoin Ordinance, all stablecoin-related business activities must comply with the legal requirements. Recently, many industry colleagues have asked whether offline 'cryptocurrency exchange shops' can continue to exchange or sell so-called 'stablecoins' after the law takes effect. I urge everyone to pay close attention to the following:
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The detailed provisions of Articles 6 and 9 of the Stablecoin Ordinance;
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I call on all Hong Kong residents interested in investing in and trading crypto assets to only use licensed Hong Kong exchanges for investment and trading."
