The Hong Kong Monetary Authority reminds to beware of false stablecoin promotions and reiterates that sales must be conducted by licensed providers.

BlockBeats News, August 8th – Today, the Hong Kong Monetary Authority (HKMA) issued a statement warning that recently there have been criminals impersonating the HKMA logo to promote stablecoin sales. The HKMA reiterated that since the enforcement of the Stablecoin Law on August 1st, stablecoin sales must be conducted by licensed stablecoin issuers, corporations holding a Type 1 license from the Securities and Futures Commission, virtual asset trading platforms, banks, or stored value facility license holders. Currently, virtual asset over-the-counter trading institutions are not within the licensed providers.

The HKMA reminds the public that if they purchase unlicensed stablecoins through unregulated channels, they must bear the associated risks.