The Hong Kong Monetary Authority warns against false stablecoin advertising and reiterates that sales must be approved by approved providers

Hong Kong Monetary Authority issued a statement today warning that some criminals have recently impersonated the HKMA logo to promote stablecoin sales. The HKMA reiterated that since the implementation of the "Stablecoin Regulations" on August 1, stablecoin sales must be conducted by licensed stablecoin issuers, corporations holding Type 1 licenses issued by the Securities and Futures Commission, virtual asset trading platforms, banks, or stored value facility licensees. Currently, virtual asset over-the-counter trading institutions are not within the scope of regulation. The HKMA reminds the public that if they purchase unregulated stablecoins through unregulated channels, they must bear the related risks themselves.