Regulatory Concerns - DBS CEO warns that new stablecoin KYC/AML rules in Hong Kong effectively eliminate on-chain derivatives trading [1] - Hong Kong's August 1st framework criminalizes unlicensed stablecoin promotion [1] - The framework has caused double-digit losses for local operators [1] - Hong Kong's crypto hub vision is clashing with mainland-influenced regulatory excess [1] Market Impact - Capital outflows from Hong Kong are likely [1]