The Hong Kong Monetary Authority urges citizens to beware of misinformation about stablecoins.

The Hong Kong Monetary Authority (HKMA) stated in a social media post that the Hong Kong Stable Coin Regulations, along with the regulatory regime for stable coin issuers, officially came into effect on the 1st of this month. Recently, the HKMA noticed the circulation of a promotional leaflet with the HKMA logo related to the sale of stable coins. The HKMA clarified that it has not issued any such promotional materials and reminded the public to be cautious. According to the regulations, the "sale" of stable coins must be conducted through regulated channels, and only "permitted offerors" can legally "offer" stable coins. Currently, "permitted offerors" are limited to licensed stable coin issuers, corporations licensed by the Hong Kong Securities and Futures Commission for Type 1 regulated activities, virtual asset trading platforms licensed by the Hong Kong Securities and Futures Commission, banks, and stored value facility licensees. The HKMA stated that non-"permitted offerors" cannot offer stable coins to retail or professional investors. Over-the-counter (OTC) virtual asset trading platforms currently do not fall under the category of "permitted offerors" under the regulations.