Hong Kong Monetary Authority Consultation Document: Unlicensed Issuance and Promotion of Stablecoins are Criminal Offenses

According to ChainCatcher news, as reported by Hong Kong media "Xin Bao", based on the Hong Kong Monetary Authority's consultation document on stablecoins, issuing stablecoins in Hong Kong without a license, as well as advertising and promoting stablecoins issued by unlicensed issuers, are criminal offenses.

For those institutions that have obtained a license to become qualified stablecoin issuers, the document also suggests that the regulatory framework should introduce a series of civil and regulatory sanctions. The Monetary Authority may consider implementing appropriate penalties based on the severity and duration of the violations, including temporary or permanent revocation of licenses, cancellation of licenses, fines not exceeding 10 million HKD, or fines equivalent to three times the profit gained or loss avoided due to the violation, whichever is higher.