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Hong Kong stablecoin regulations first day: Discrepancies appear in OTC stores, USDT trading may exist in gray areas.
[Coin World] According to reports, on the first day of the implementation of the stablecoin regulations in Hong Kong, some cryptocurrency OTC offline stores in Hong Kong temporarily closed due to concerns about violating regulatory requirements. However, some OTC offline stores chose to continue operating. Operators of some stores that chose to continue operating believe that OTC activities involving non-Hong Kong legal tender (such as USDT) issued overseas do not fall within the regulatory scope of the regulations. According to the spirit of Hong Kong's common law, if there is no clear precedent establishing that stablecoin OTC activities are illegal, OTC businesses may still continue to operate.