The President of the Hong Kong Monetary Authority, Yu Weiwen, reminded that there have been recent scams using the promotion of digital assets and stablecoins, causing losses to the public. The "Stablecoin Regulation" will take effect on August 1, and according to the regulation, promoting any unlicensed stablecoin to the public in Hong Kong from the effective date is illegal. Yu Weiwen revealed that the primary focus of central banks and financial regulators in various countries is how to prevent stablecoins from being used as Money Laundering tools, especially in cross-border scenarios. The Bank for International Settlements emphasized the importance of preventing stablecoin Money Laundering risks in its latest annual economic report. Yu Weiwen believes that a balanced approach is an art of regulation. After all, the regulated stablecoin business is in its early stages; it is better to start strictly, proceed steadily, and then relax appropriately based on practical experience, rather than starting too loosely and then having to clean up chaos. This is clearly more conducive to the sustainable and healthy development of the market and issuing institutions.