This article was prepared using automated systems that process publicly available information. It may contain inaccuracies or omissions and is provided for informational purposes only. Nothing herein constitutes financial, investment, legal, or tax advice.
Hong Kong is set to enforce strict regulations on unlicensed stablecoins starting August 1, with hefty fines and jail time for violators. The HKMA has issued a public warning urging investors to avoid unlicensed offerings to stay compliant.
- Unlicensed stablecoin offerings to retail investors in Hong Kong will be illegal from August 1, 2024.
- Violators face fines up to 50,000 HKD and a maximum jail term of six months.
- The HKMA has warned investors to avoid unlicensed stablecoin promotions to prevent legal risks.
📎 Related coverage from: cointelegraph.com
Related Tags: Stablecoin
Other Tags: HKMA, Hong Kong Monetary Authority (HKMA)