Granting of stablecoin issuer licences
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (April 10) that the Monetary Authority has granted stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited for issuing stablecoins in Hong Kong. The licences take effect today.
According to the licensees' business plans, they intend to complete the necessary preparation work and launch business in the coming few months.
The Chief Executive of the HKMA, Mr Eddie Yue,said, "The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem. We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks. We hope their promotion of regulated stablecoins will address pain points in financial and economic activities, create values for both individuals and businesses, and support the healthy development of digital assets in Hong Kong."
The HKMA maintains a Register of Licensed Stablecoin Issuers, which contains the latest list of licensees and their relevant information including names, addresses, email contact and other particulars. The Register is available on the HKMA's website (link).
Members of the public should stay vigilant to fraudulent activities or scams that are purported to be associated with the licensees or their stablecoin issuance. If in doubt, members of the public may refer to the HKMA's Register or further reach out to the licensees for verification. When acquiring or using stablecoins, the public is reminded to do so only through regulated channels.
Source: AI-found images
Hong Kong Customs shuts down underground cigarette factory in Fanling
Hong Kong Customs shut down an underground cigarette factory in Fanling yesterday (April 9), and seized about 31.92 tons of suspected duty-not-paid manufactured tobacco and 1.23 million sticks of suspected illicit cigarette. The total estimated market value of all seizure was about $220 million, while the duty potential was about $130 million. Six persons suspected to be connected with the case were arrested.
After in-depth investigation, Customs Officers identified a large metal hut in Ping Che, Fanling. Customs raided the metal hut yesterday morning and found a complete illegal cigarette production line which included machines for producing and packaging illicit cigarettes, a large amount of raw materials used for manufacturing illicit cigarettes and finished illicit cigarette products. Five men and one woman, aged between 21 and 52, were arrested at the scene.
The case is still under investigation. Customs will continue to trace the source of the batch of raw materials of the illicit cigarettes and the production line-related machines. The likelihood of further arrests is not ruled out.
Customs reminds members of the public that they must be vigilant when purchasing cigarettes. They should patronise reputable merchants or stores and not purchase cigarettes from unknown sources to avoid threats to their health.
Under the Dutiable Commodities Ordinance (Cap. 109), a person shall not, except under and in accordance with a licence, manufacture tobacco. Besides, any person who deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.
Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs shuts down underground cigarette factory in Fanling Source: HKSAR Government Press Releases
Hong Kong Customs shuts down underground cigarette factory in Fanling Source: HKSAR Government Press Releases
Hong Kong Customs shuts down underground cigarette factory in Fanling Source: HKSAR Government Press Releases
Hong Kong Customs shuts down underground cigarette factory in Fanling Source: HKSAR Government Press Releases
