The Hong Kong "Stablecoin Regulation" is about to take effect, but it has not yet affected the exchange services for USDT and USDC at "money exchange shops."

ChainCatcher news, according to the Daily Economic News, the "Stablecoin Regulation" in Hong Kong will officially take effect on August 1. On the eve of its implementation, cryptocurrency exchange shops are still operating normally. It is reported that a journalist, posing as a customer, inquired about the cryptocurrency purchase fees at an exchange shop. The fee for purchasing via the ERC channel is 80 HKD, while the fee for purchasing cryptocurrency valued under 10,000 HKD via the TRC channel is 20 HKD. The relevant customer service responded that the exchange shop's business falls under over-the-counter trading, and they have not yet received specific licensing requirements. Currently, the shop's exchange services for USDT, USDC, and others can still be conducted normally.

Hong Kong Legislative Council member Kenneth Leung stated that after the "Stablecoin Regulation" takes effect, platforms selling USDT and USDC to retail investors without a license will be considered illegal. Regarding the existing USDT and USDC in the Hong Kong market, he mentioned that trading on licensed platforms is legal as long as it complies with relevant regulatory requirements.