Some exchange shops in Hong Kong have suspended USDT exchanges, and the Monetary Authority responds to stablecoin regulation.

[Coin World] On August 9 (UTC+8), visits to several exchange shops dealing with cryptocurrency business in Hong Kong's Admiralty and Tsim Sha Tsui found that some exchange shops have suspended the exchange of USDT, USDC, and fiat currency, and some shops have even closed; however, some exchange shops, although no longer offering "clearly marked prices" for users to exchange the relevant stablecoins, can still conduct private inquiry transactions. The Hong Kong Monetary Authority responded that the main purpose of drafting the "Stablecoin Ordinance" is to regulate the issuance and sale of fiat stablecoins (i.e., the "offering" under the ordinance) to protect the holders of stablecoins. Exchange shops in Hong Kong generally hold a Money Service Operator (MSO) license issued by the Hong Kong Customs, and this type of license is not included in the "licensed providers" scope. Virtual asset OTC trading institutions currently do not fall under the "licensed providers" of the "Stablecoin Ordinance", thus cannot offer stablecoins to retail or professional investors, regardless of whether the stablecoin is regulated. Whether individual virtual asset OTC trading institutions' businesses involve offering stablecoins depends on the actual business arrangements and circumstances, and cannot be generalized.