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According to Wu, the Hong Kong Monetary Authority (HKMA) posted a statement indicating that it has noticed a promotional flyer circulating in the market that uses the HKMA logo and is about the sale of stablecoins. The HKMA clarified that it has not issued any related promotional flyers. The HKMA stated that currently only licensed providers can legally offer fiat-backed stablecoins. The licensed providers are limited to: licensed stablecoin issuers; corporations licensed by the Securities and Futures Commission (SFC) to conduct regulated activities of Type 1; virtual asset trading platforms licensed by the SFC; banks; and licensees of stored value payment tools. Non-licensed providers are not permitted to offer stablecoins to retail or professional investors (regardless of whether the stablecoin is regulated). Virtual asset OTC trading institutions are currently not included as licensed providers under the Ordinance.