《Stablecoin Regulation》 Takes Effect, Some Hong Kong Money Changers Still Exchange USDT Without License

BlockBeats News, August 9th. According to Caixin, the Hong Kong "Stablecoin Regulation" took effect on August 1, 2025. In addition to introducing an issuer licensing system, the regulation clearly stipulates that without being a "permitted offeror" holding one of five types of licenses, one cannot conduct stablecoin "offerings" in Hong Kong. In other words, exchanges that previously operated USDT and USDC stablecoin exchange businesses in Hong Kong will need to suspend such operations.

Reporters found that some exchanges, represented by "One Bitcoin" and "5X Crypto," have suspended the exchange of USDT, USDC, and fiat currency. Some exchanges like "BitsMark" have even closed down. However, exchanges such as "Crypto Panda" and "Star Coin," while no longer displaying prices for exchanging stablecoins to users, still facilitate private inquiry transactions.