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Hong Kong Monetary Authority: "Stablecoin Regulation" establishes a 6-month transition period and implements a classification treatment for existing stablecoin issuers
BlockBeats News, July 29th, the Hong Kong Monetary Authority announced that the "Stablecoin Regulation" will have a 6-month transition period after it takes effect on August 1st, and will implement a classification treatment for existing stablecoin issuers: those that comply with regulatory requirements may obtain a temporary license; those who fail to meet the standards within 3 months must cease operations within 4 months; those that do not meet the licensing criteria must cease operations within 1 month of receiving notice. Regulatory requirements include full reserves, same-day redemption, establishment of a presence in Hong Kong, and maintaining sufficient financial resources, among others. Initially, only a small number of licenses will be issued, and issuers are required to implement customer due diligence, transaction monitoring, and other compliance measures. Violators will face penalties such as fines, license suspension, or revocation.
As of today, the HKMA has not issued any licenses. The public can refer to the licensed stablecoin issuers published on the HKMA website in the future. The public should remain vigilant against any claims of regulated or licensed stablecoin issuers in Hong Kong, as well as individuals claiming to be applying for a license. If the public holds unlicensed stablecoins, they do so at their own risk.
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WEEX P2P update: Country/region restrictions for ad posting
To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.
I. Overview
When publishing P2P ads, advertisers can now set the following:
Allow only counterparties from selected countries or regions to trade with your ads.
With this feature, you can:
Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.
II. Applicable scenarios
The following are some common scenarios:
Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.
III. How to get started
On the ad posting page, find "Trading requirements":
Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.
When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:
If you encounter this issue when placing an order as a regular user, try the following solutions.
Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.
IV. Benefits
Compared with ads without country/region restrictions, this feature provides the following improvements.
Aspect
Improvement
Trading security
Reduces abnormal orders and fraud risk
Conversion efficiency
Matches ads with more relevant users
Order completion rate
Reduces failures caused by incompatible payment methods
V. FAQ
Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.
Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.
Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.
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