The implementation of Hong Kong's Stablecoin Ordinance marks a major step toward compliance in the crypto industry, with immediate and significant impacts on local over-the-counter (OTC) trading services.New Regulations Leave No Grace PeriodHong Kong's Stablecoin Ordinance (hereinafter referred to as the "Ordinance") officially took effect on August 1, 2025, imposing strict rules on the issuance and operation of stablecoins. It explicitly prohibits unlicensed offerings, promotions, and sales ...