Odaily Planet Daily reports that Hong Kong's Stablecoin Ordinance will officially take effect on August 1st, prohibiting unlicensed operators from operating stablecoin businesses in Hong Kong. A visit by the National Business Daily revealed that many street-side cryptocurrency money changers (OTC) in Hong Kong remain open, with some employees stating they have not yet received notification of the business changes. Currently, the exchange of stablecoins such as USDT and USDC by money changers remains a regulatory blind spot, and specialized licenses may be required in the future. Legislative Council member Darwin Chiu stated that after the ordinance takes effect, it will be illegal for unlicensed platforms to sell USDT and USDC to retail investors, while existing stablecoins can be traded on licensed platforms. The Hong Kong SAR government is currently conducting a public consultation on the licensing system for over-the-counter trading services, which will conclude on August 29th. (National Business Daily)
