The Hong Kong Monetary Authority responds to some exchange shops still operating "without a license" to exchange USD: MSO licenses are not within the scope of "any provider allowed".

According to Deep Tide TechFlow news on August 9, Caixin reported that during visits to several exchange shops operating cryptocurrency businesses in Hong Kong's Admiralty and Tsim Sha Tsui, it was found that some exchange shops have suspended the exchange of USDT, USDC, and fiat, and some exchange shops have even closed down; however, there are still some exchange shops that, although they no longer "publicly price" the exchange of relevant stablecoins for users, can still privately conduct Inquiry transactions. The Hong Kong Monetary Authority responded that the main purpose of formulating the "Stablecoin Ordinance" is to protect stablecoin holders by regulating the issuance and sale of fiat stablecoins (i.e., the "offer provision" under the ordinance). Currency exchange shops in Hong Kong generally hold a Money Service Operator (MSO) license issued by the Hong Kong Customs, and such licenses are not included in the scope of "any provider". Virtual asset over-the-counter trading institutions are currently not classified as "any provider" under the "Stablecoin Ordinance", and thus cannot offer stablecoins to retail or professional investors, regardless of whether the stablecoin is regulated. Whether individual virtual asset over-the-counter trading institutions involve offering stablecoins depends on the actual business arrangements and circumstances, and cannot be generalized.