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

By: theblockbeats.news|2025/08/09 03:21:56

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.

DWP Management has announced that its fund has raised approximately $200 million since April, all in XRP.

In the past 24 hours, the total netizens' margin call liquidations across all exchanges amounted to $228 million, with $95.32 million in ETH liquidations.