Some exchange shops in Hong Kong still exchange USDT "without a license" after the "stablecoin regulations" come into effect.

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According to Techub News and Caixin reports, the Hong Kong "Stablecoin Ordinance" will take effect on August 1, 2025. In addition to introducing a licensing system for issuers, the ordinance clearly stipulates that permitted offerors who do not hold one of the five types of licenses will not be allowed to offer stablecoins in Hong Kong. In other words, exchange shops that previously operated USDT and USDC stablecoin exchange businesses in Hong Kong will have to suspend these operations. Journalists found that some exchange shops, represented by "one Bitcoin" and "5X Crypto," have already suspended USDT and USDC exchanges with fiat currency. Some exchange shops, such as "BitsMark," have even closed down; however, some shops like "Crypto Panda" and "Star Coin," although no longer openly pricing for users to exchange these stablecoins, can still engage in private inquiry transactions.

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