🚀Hey cryptocurrency enthusiasts! Hong Kong freezes retail stablecoin trading until regulations are finalized! 🚫💱

🔍Financial Services and Treasury Secretary Hui Ching-yu stated that retail stablecoin trading will not be allowed until a strong regulatory framework is established due to price fluctuations and crashes in the past. 📉

🔥Hui emphasized the importance of strict regulations, citing the incident in which the virtual asset trading platform called JPEX was suspected of fraud. He pointed out the dangers of trading on unregulated platforms, where investors risk losing all their assets. ⚠️

🌐Virtual asset trading platforms often use stablecoins such as USDT as trading instruments. These designs aim to ensure price stability, but past events have shown that this stability can sometimes be illusory. 🎢

📣 Juan Lexin, who manages the financial technology group in the SFC brokerage firms department, emphasized that licensed platforms should remain neutral. He also stated that they are not currently allowed to offer these trading services. 💼

🌍Hong Kong approaches cryptocurrency regulations carefully and aims to ensure investor safety. This means progress towards creating a safer and more regulated environment. 🏛️

🤔Do you think this approach of Hong Kong is correct? Share your comments and join the discussion! 🗣️#crypto#HongKong#regulation#stablecoin