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According to Techub News, the Securities Times reported that the President of the Hong Kong Monetary Authority, Yu Weiwen, reminded that there have recently been fraudulent activities using the promotion of digital assets and stablecoins, causing losses to the public. The Stablecoin Regulation will come into effect on August 1, and according to the regulation, it is illegal to promote any unlicensed stablecoin to the Hong Kong public from the effective date.
Yu Weimen revealed that the recent focus of central banks and financial regulatory authorities in various countries is on how to prevent stablecoins from being used by criminals as tools for money laundering, especially in cross-border usage scenarios. The Bank for International Settlements emphasized the importance of preventing stablecoin money laundering risks in its latest annual economic report.