TechFlow news, August 1: According to Techub, on the first day of the official implementation of Hong Kong's stablecoin regulations, some Hong Kong cryptocurrency OTC offline stores temporarily suspended operations due to concerns about violating regulatory requirements. However, some OTC offline stores chose to continue operating. Some operators who decided to remain open believe that OTC activities involving non-Hong Kong legal tender stablecoins issued overseas (such as USDT) fall outside the scope of the regulations. Based on the spirit of Hong Kong's common law, if there is no clear precedent establishing that stablecoin OTC activities are illegal, such OTC businesses may still continue operations.
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