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The first day of the implementation of Hong Kong's stablecoin regulations saw some OTC stores suspend operations.
On August 1, according to on-site reports from reporters, on the first day of the implementation of the stablecoin regulations in Hong Kong, some OTC offline stores for Crypto Assets, including one, temporarily closed due to concerns about violating regulatory requirements. However, some OTC offline stores chose to continue operating. Some operators of the stores that chose to continue operating believe that the OTC activities involving non-Hong Kong legal tender (such as USDT) issued overseas are not within the scope of the regulatory requirements.
According to the spirit of common law in Hong Kong, if there is no clear case law determining that stablecoin OTC activities are illegal, OTC business may still continue to operate.