Hong Kong to crack down on unlicensed payment platforms
- —Acting Secretary for Financial Services and the Treasury Chan Ho-lim said authorities are ready to enforce the rules
- —Operating stored value facilities without a licence is illegal under Hong Kong's payment systems ordinance
- —The HKMA will step in directly and refer cases to law enforcement when needed
Why it matters: Tighter scrutiny affects crypto and stablecoin platforms operating in Hong Kong without a licence and raises regulatory risk for the sector.
Source: PANews