Recently, the Hong Kong Special Administrative Region government implemented a new stablecoin regulatory bill, which has had a significant impact on the local over-the-counter (OTC) market. Several offline OTC exchanges have already shut down their quotation displays to adapt to the new regulatory environment.

According to the latest regulations, OTC merchants are not allowed to actively quote or promote stablecoins such as USDT and USDC in Hong Kong. This policy aims to strengthen the regulation of digital asset trading and improve market transparency.

However, it is worth noting that individuals selling stablecoins to merchants are currently still not restricted. Additionally, the buying and selling of non-stablecoins such as Bitcoin (BTC) and Ethereum (ETH) can still proceed normally, unaffected by the new regulations.

This regulatory change reflects the increasing global attention to cryptocurrency, particularly the regulation of stablecoins. As an international financial center, Hong Kong's policy direction may serve as a demonstration effect for relevant legislation in other regions.

Although the new regulations may bring some uncertainty to the market in the short term, in the long run, a clear regulatory framework will help build a healthier and more sustainable digital asset ecosystem. Market participants need to closely monitor policy trends and timely adjust their business strategies to adapt to the constantly evolving regulatory environment.