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The "Stablecoin Regulations" have come into effect, and some exchange shops in Hong Kong are still exchanging USDT "without a license."
BlockBeats news, on August 9, according to Caixin, the Hong Kong "stablecoin regulations" will take effect on August 1, 2025. In addition to introducing a licensing system for issuers, the regulations clearly state that non-holders of five types of licenses, referred to as "permitted offerors," will not be allowed to offer stablecoins in Hong Kong. In other words, exchange shops that previously operated USDT and USDC stablecoin exchange businesses in Hong Kong will have to suspend these activities.
The reporter's visit found that some exchange shops represented by "one Bitcoin" and "5X Crypto" have suspended the exchange of USDT, USDC, and fiat currency; some exchange shops like "BitsMark" have even closed down; however, some exchange shops such as "Crypto Panda" and "Star Coin" no longer openly quote prices for users to exchange stablecoins but can still privately inquire about trading.