Hong Kong's Stablecoin Ordinance officially came into effect today, but what many Hong Kong friends don't know is that this also means that mainstream stablecoins #USDT/#USDC will be banned in Hong Kong in half a year.
Hong Kong has made a special explanation for this kind of issuer, requiring Tether/Circle to apply for a license from the Hong Kong Monetary Authority before October 31 at the latest, otherwise it will withdraw from Hong Kong after the half-year transition period.
Applying for a Hong Kong license must comply with Hong Kong's KYC/AML rules and may only be open to accredited investors.
If you continue to do business in Hong Kong without a license, you face 6 months in prison.
Do you think @Circle or @Tether will apply for a Hong Kong stablecoin license?
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