According to Odaily Planet Daily, some money changers in Admiralty and Tsim Sha Tsui in Hong Kong that operate cryptocurrency businesses have suspended the exchange of USDT, USDC and fiat currencies, and some money changers have even closed down; however, although some money changers no longer "openly mark prices" for users to exchange relevant stablecoins, they can still inquire about prices privately.

It is reported that Hong Kong's Stablecoin Ordinance explicitly stipulates that "permitted offerors" who do not hold one of five types of licenses are prohibited from offering stablecoins in Hong Kong. The Hong Kong Monetary Authority responded that the primary purpose of the Stablecoin Ordinance is to protect stablecoin holders by regulating the issuance and sale of fiat stablecoins (i.e., the "offering" under the Ordinance). Whether the business of individual virtual asset over-the-counter trading institutions involves the offering of stablecoins depends on their actual business arrangements and circumstances and cannot be generalized. (Caixin.com)