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- 🎉 The #CandyDrop Futures Challenge is live — join now to share a 6 BTC prize pool!
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Event ends: August 9, 16:00 UTC
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Hong Kong will criminalize the promotion of unlicensed stablecoins starting from August 1.
[Hong Kong will criminalize the promotion of unlicensed stablecoins starting August 1] Hong Kong will implement the "Stablecoin Regulation" starting August 1, which stipulates that providing or promoting unlicensed fiat-referenced stablecoins (FRS) to retail investors is illegal. The new law prescribes criminal penalties of up to a level 5 fine of 50,000 HKD (approximately 6,300 USD) and a maximum prison term of six months. The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, stated in a warning that the upcoming regulations aim to bring credibility and stability to the emerging stablecoin industry while protecting investors from fraud and excessive speculation.