The Hong Kong Monetary Authority (HKMA) of the Central Banking Authority of the Special Administrative Sector has finalized the IT regulator framiwork for StableCoin issuers, releasing the impact on 1 August.
On Tuesday, HKMA issued final guidelines and consultation conclusions to clarify the upcoming rules.
The documents were addressed under the supervision of licensed stabelcoin issuers and Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) rules under the supervision of licensed stabelcoin issuers under the supervision of rules.
With the final rules, Hong Kong will launch a public register of licensed issuers as part of a broad push to bring oversight for local crypto ecosysters.
The regulator said, “In the future, the public can refer to the register of Stabeloin issuers as shown on HKMA’s website.”
HKMA says that there is no license issue yet
“Aaj to date, no license has been issued by HKMA,” the regulator said.
HKMA also warned the people of those who claim to apply for license. HKMA said, “The members of the public who unwanted stabelcoins are at their risk.”
The Central Bank had recently created a statement about French, a market operated by Stabecrim Hype. On Thursday, HKMA Chief Executive AD U stated that Stabecrim Hype led improper trading volumes and stock price growth.
The official said that it appeared clearly for “curbing enthusiasts”, that many popping for stabechoin licenses decreases with the standards of the regulator.
U said that the proposals were unclear and lack of realistic implementation. He said that some groups in which it was implemented had a lack of technical expertise.
U said that the new regulatory structure in the form of only a francs is effective. He also warned the investors to clarify the Stabecrim Offer to AVAID to break the upcoming law.
HKMA has encouraged interesting market participants in applying for StableCoin license to contact the regulator by Aug. 1.
The central bank said that applicants will also have to submit their full application by sept. The first batch of 30 licenses should be considered.
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Shenzhen Warns against Stabcoin scams
In other parts of China, stabechoin -related scams are increasing. On 7 July, Shenzhen officials warned the citizens about the Ilgal schemes, which were reported as Crypto and Stabelin Off.
The city’s official task force for illegal financial activity alerts the public for Antims advertising crypto investment without license.
Officials said that these groups mislead investors and use the limited stabecoin of the public, who know to offer Ilgal investment.
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