Hong Kong Monetary Authority: Beware of fake stablecoin licensing scams. Holders of unregulated stablecoins bear their own risks.

PANews reported on August 2nd that the Hong Kong Monetary Authority (HKMA) issued an official security alert, warning against fraudulent stablecoin licensing schemes. The Hong Kong Stablecoin Ordinance officially came into effect, and the regulatory regime for stablecoin issuers also began to be implemented simultaneously. While the regulatory regime is still in its early stages, the HKMA will adopt a "strict first, steady" approach. The HKMA specifically reminded market participants to exercise caution when communicating with the public and avoid making statements that could cause misunderstandings or create unrealistic expectations. Falsely claiming to be a licensed person or applicant is illegal. Citizens holding unregulated stablecoins do so at their own risk.