{"id":38619,"date":"2025-07-24T15:46:58","date_gmt":"2025-07-24T15:46:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=38619"},"modified":"2025-07-24T15:46:58","modified_gmt":"2025-07-24T15:46:58","slug":"hong-kong-warns-against-stablecoins-craze-as-two-arrested-in-146-5m-laundering-bust","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=38619","title":{"rendered":"Hong Kong Warns Against \u2018Stablecoins Craze\u2019 As Two Arrested In $146.5M Laundering Bust"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">The Hong Kong Monetary Authority (HKMA) has warned against excessive hype around stablecoins and expressed concerns about stablecoin speculation in the market. The concerns have emerged just days before Hong Kong\u2019s stablecoin ordinance, which will come into effect from 1 August 2025.\u00a0<\/span><\/p>\n<p>Calling the \u2018stablecoin craze\u2019 an over-conceptualization, HKMA CEO Eddie Yue said, \u201cWe need to guard against excessive market and public opinion speculation. Recently, there are some phenomena that deserve our attention.\u201d<\/p>\n<p>\u201cDiscussions around stablecoins tend to focus on their disruptive effects on traditional finance, especially the payment system. However, once it is time to move from the virtual to the real, from the conceptual and theoretical level to the application scenarios and specific arrangements, there will be a clear gap,\u201d <a href=\"https:\/\/www.hkma.gov.hk\/chi\/news-and-media\/insight\/2025\/07\/20250723\/\" rel=\"nofollow\" target=\"_blank\">he stated in his blog post dated 23 January 2025.\u00a0<\/a><\/p>\n<p><strong>Explore<\/strong>:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-solana-meme-coins\/\" rel=\"\">Top Solana Meme Coins to Buy in July 2025<\/a><\/p>\n<h2>Hong Kong Customs Officers Arrest Two For Laundering $146.5 Million<\/h2>\n<p class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\" data-qa=\"Component-Component\">According to a South China Morning Post published on 24 July 2025, Hong Kong custom officers arrested two men for smuggling cash, making suspicious transactions, apparently including with Tether stablecoin USDT.<\/p>\n<p data-qa=\"Component-Component\">\u201cA Customs and Excise Department spokesman said that an investigation into the pair found they had smuggled cash out of the city,\u201d the news report stated. \u201cAn insider said the suspects also made transactions using the stablecoin USDT and regular currency, with officers finding the source of funds to be questionable.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Tether once again in the spotlight for money laundering.    Will this be the new normal? <\/p>\n<p>2 arrested in Hong Kong over laundering HK$1.15 billion in case involving stablecoin<\/p>\n<p>Men accused of using transactions and cash-smuggling operations to launder funds <a href=\"https:\/\/twitter.com\/hashtag\/fintech?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#fintech<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/tech?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#tech<\/a>\u2026 <a href=\"https:\/\/t.co\/erDbplkyQ2\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/erDbplkyQ2<\/a><\/p>\n<p>\u2014 Richard Turrin (@richardturrin) <a href=\"https:\/\/twitter.com\/richardturrin\/status\/1947977249405194701?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">July 23, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Explore<\/strong>:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/crypto-presales\/\" rel=\"\">The 12+ Hottest Crypto Presales to Buy Right Now<\/a><\/p>\n<h2 data-qa=\"useTrackViewedPercentageRender-trackViewedPercentageRenders-TrackPercentageBlock\">Financial Secretary Confirms Stablecoin Licenses To Roll Out Starting August<\/h2>\n<p>To become world\u2019s first regulated regime for stablecoins, Kong Kong said that it will implementing the stablecoin ordinance in August 2025. The move came after Hong Kong\u2019s Legislative Council <a class=\"general-link\" href=\"https:\/\/www.info.gov.hk\/gia\/general\/202505\/21\/P2025052100374.htm?fontSize=1\" target=\"_blank\" rel=\"noopener nofollow\">passage.<\/a> It mandates entities or individuals issuing a fiat-referenced stablecoin (FRS) or Hong Kong Dollar-pegged tokens within the administration to obtain licenses from the HKMA.<\/p>\n<p>Only licensed institutions can offer FRS, enabling retail investors to access stablecoins. The legislation states that these rules aim to protect the public and the investors. Additionally, to minimise fraudulent behaviour, the ordinance only allows ads for licensed FRS issuers.<\/p>\n<div data-qa=\"useTrackViewedPercentageRender-trackViewedPercentageRenders-TrackPercentageBlock\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In case you were wondering why stablecoin legislation was rushed through tonight\u2026<\/p>\n<p>Starting August 1, 2025, Hong Kong <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/72x72\/1f1ed-1f1f0.png\" alt=\"\ud83c\udded\ud83c\uddf0\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> will launch an offshore Renminbi (RMB) stablecoin program, that aims to enhance RMB use in international trade and also establish Hong Kong as a digital\u2026 <a href=\"https:\/\/t.co\/T5MX4pQlJ8\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/T5MX4pQlJ8<\/a> <a href=\"https:\/\/t.co\/DUew8iCUcf\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/DUew8iCUcf<\/a><\/p>\n<p>\u2014 Subjective Views (@subjectiveviews) <a href=\"https:\/\/twitter.com\/subjectiveviews\/status\/1946065584094871682?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">July 18, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Explore<\/strong>:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" rel=\"\">20+ Next Crypto to Explode in 2025<\/a><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h2>\n<p><span style=\"font-weight: 400\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <\/li>\n<p><\/span><span style=\"font-weight: 400\">The concerns around stabelcoins emerged just days before implementations of Hong Kong\u2019s stablecoin ordinance.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         Hong Kong custom officers arrested two men for smuggling cash, making suspicious transactions, including with Tether stablecoin.<\/li>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/hong-kong-warns-against-stablecoins-craze-as-two-arrested-in-146-5m-laundering-bust\/\">Hong Kong Warns Against \u2018Stablecoins Craze\u2019 As Two Arrested In $146.5M Laundering Bust<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Monetary Authority (HKMA) has warned against excessive hype around stablecoins and expressed concerns about stablecoin speculation in the market. The concerns have emerged just days before Hong Kong\u2019s stablecoin ordinance, which will come into effect from 1 August 2025.\u00a0 Calling the \u2018stablecoin craze\u2019 an over-conceptualization, HKMA CEO Eddie Yue said, \u201cWe need [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-38619","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38619"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38619\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}