According to a report from Coin World, on August 13 (UTC+8), senior regulatory lawyer Wu Wenqian stated that Hong Kong's regulation of the encryption industry has entered a tightening cycle, with significant increases in the difficulty of approvals for bank account openings, license applications, and other processes over the past six months. This change aligns with regulatory patterns—initially loose regulations attracted a large number of institutions, followed by a tightening due to risk prevention. If the international anti-money laundering organization conducts an assessment of Hong Kong next year, it is expected that requirements for anti-money laundering, KYC, and reserve transparency will further increase, particularly affecting compliance thresholds in the stablecoin sector. Hong Kong's current conservative policies are a preparation for this potential international scrutiny. (Source: MLion)

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