Hong Kong Monetary Authority: Stablecoin issuers must “identify and prevent” customers from using VPNs

According to the Hong Kong Monetary Authority's "Guidelines for the Supervision of Licensed Stablecoin Issuers under the Stablecoin Ordinance", the Hong Kong Monetary Authority requires licensed stablecoin issuers to "ensure that they will not issue or offer specified stablecoins in jurisdictions where trading in specified stablecoins is prohibited" and that "licensed persons should implement control measures to mitigate the risks of location masking (such as the use of virtual private networks, or VPNs) in remote customer identity authentication procedures and during daily operations."