According to TechFlame, on July 23, according to Zhitong Finance, Yu Weiwen, Chief Executive of the Hong Kong Monetary Authority, issued an article stating that it was noticed that fraudulent acts involving the promotion of digital assets and stablecoins have recently occurred, causing losses to the public. The Stablecoin Ordinance came into effect on August 1. According to the regulations, it is illegal to promote any unlicensed stablecoin to the Hong Kong public from the effective date. Yu Weiwen also said that, noting that there have been quite a few rumors about the application process in the market recently, the HKMA will publish a summary explanation of the “Stablecoin Issuer Licensing System” next week. The document will explain the HKMA's arrangements for accepting and processing license applications. Interested parties are invited

to stay tuned.