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PANews reported on July 24 that according to Cointelegraph , Hong Kong will begin to implement the Stablecoin Ordinance on August 1, 2025 , prohibiting the provision or promotion ofPANews reported on July 24 that according to Cointelegraph , Hong Kong will begin to implement the Stablecoin Ordinance on August 1, 2025 , prohibiting the provision or promotion of

Hong Kong to criminalize unlicensed stablecoin promotion from August

Author: PANews

Source: PANews

2025/07/24 18:59

1 min read

PANews reported on July 24 that according to Cointelegraph , Hong Kong will begin to implement the Stablecoin Ordinance on August 1, 2025 , prohibiting the provision or promotion of unlicensed fiat-backed stablecoins ( FRS ) to retail investors. Violators may be fined up to HK$ 50,000 and imprisoned for six months. The Hong Kong Monetary Authority ( HKMA ) issued a warning on Wednesday, reminding investors to stay away from unlicensed stablecoins to avoid accidentally falling into the law. HKMA President Yu Weiwen said that the new regulations are aimed at bringing credibility and stability to the stablecoin industry while protecting investors from fraud and excessive speculation. Although there are currently as many as 50 companies applying for stablecoin licenses, most applications lack practical implementation plans and only a few licenses will be approved.

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                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more

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