Hong Kong to Enforce Stablecoin Ordinance Starting Aug. 1

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Hong Kong will start enforcing its Stablecoin Ordinance on Aug. 1, making it illegal to offer or promote unlicensed fiat-referenced stablecoins (FRS) to retail investors. 

The new law introduces criminal penalties of up to a level five fine of 50,000 Hong Kong dollars (about $6,300) and a maximum sentence of six months imprisonment. 

The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, issued a public warning on Wednesday, urging investors to steer clear of unlicensed offerings to avoid inadvertently breaking…



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Hong Kong to Enforce Stablecoin Ordinance Starting Aug. 1


Hong Kong will start enforcing its Stablecoin Ordinance on Aug. 1, making it illegal to offer or promote unlicensed fiat-referenced stablecoins (FRS) to retail investors. 

The new law introduces criminal penalties of up to a level five fine of 50,000 Hong Kong dollars (about $6,300) and a maximum sentence of six months imprisonment. 

The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, issued a public warning on Wednesday, urging investors to steer clear of unlicensed offerings to avoid inadvertently breaking…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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