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Regulation Watch: Hong Kong 🇭🇰 Hong Kong’s central bank, the HKMA, says it has not approved any stablecoin issuers. It warned that promoting or selling these coins in the city is illegal. The first case is AnchorX, which launched a yuan-pegged stablecoin last week. HKMA says its license from Kazakhstan does not apply in Hong Kong. New rules started in August. They require strict licensing, strong capital reserves, and proper governance. That makes it harder for new stablecoins to enter the market. China’s securities regulator also told some Hong Kong brokerages to stop tokenization deals. Regulators want firms to build real infrastructure, not chase hot trends.