Eddie Yu emphasizes the need for public vigilance against scams as new Stablecoin Regulation aims to curb unlicensed promotions and money laundering risks.
Eddie Yu, Chief Executive of the Hong Kong Monetary Authority, cautioned the public about scams involving digital assets and stablecoins. With the new Stablecoin Regulation effective August 1, unlicensed stablecoin promotions will be prohibited to mitigate money laundering risks, particularly in cross-border transactions. Yu advocates for a balanced regulatory framework to foster the stablecoin market's healthy growth.