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On the first day of the Hong Kong Stablecoin Regulation Ordinance coming into effect, some OTC stores have temporarily closed due to unclear regulations.
BlockBeats News, August 1st, according to a report by Techub, on the first day of the official implementation of the Hong Kong stablecoin regulations, some Hong Kong cryptocurrency OTC offline stores, including One Satoshi, temporarily closed due to concerns about violating regulatory requirements. However, some OTC offline stores chose to continue operating. The operators of some stores that chose to remain open believe that OTC activities involving non-Hong Kong legal tender issued overseas (such as USDT) are not within the regulatory scope of the regulations.
Based on the spirit of Hong Kong's common law, if there is no clear precedent establishing stablecoin OTC activities as illegal, OTC businesses may still be able to continue operating.
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