Hong Kong Monetary Authority Warns Against Unregulated Stablecoin Issuance

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has issued a warning regarding the legality of stablecoin issuers, stating that no such entities have been approved in Hong Kong, following the announcement of a new stablecoin by AnchorX [1][2]. Group 1: HKMA's Warning - The HKMA has not licensed any stablecoin issuers in Hong Kong, labeling the marketing of these products as illegal [1][2]. - The public is advised to exercise caution regarding stablecoin investments [2]. Group 2: Regulatory Context - The warning from the HKMA is the first significant test of Hong Kong's new stablecoin regulations, which were implemented in August and require issuers to adhere to strict licensing, capital, and governance standards [2]. - The timing of the HKMA's warning coincides with China's securities regulator urging brokerages to halt real-world asset tokenization activities in Hong Kong due to risk management concerns [3].