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Hong Kong Monetary Authority consultation document: Unlicensed issuance and promotion of stablecoins are criminal offenses and may be punished with a

Hong Kong Monetary Authority consultation document: Unlicensed issuance and promotion of stablecoins are criminal offenses and may be punished with a

CointimeCointime2023/12/28 02:00
By:Cointime

On December 28th, according to Hong Kong media "Sing Tao Daily", according to the Hong Kong Monetary Authority's stable currency consultation document, it is a criminal offense to issue stable coins without a license in Hong Kong, and to advertise and promote stable coins issued by non-license issuers. The document also recommends that a series of civil and regulatory sanctions should be introduced into the regulatory system. The Hong Kong Monetary Authority may consider implementing appropriate punishments based on the seriousness and duration of the violations, including temporary or permanent revocation of licenses, revocation of licenses, fines not exceeding 10 million yuan, or fines equivalent to three times the amount of profit obtained or losses avoided due to the violation, whichever is higher.

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