Hong Kong Monetary Authority: Stablecoin issuers need to "identify and block" customers using VPNs

On July 31, according to the "Stablecoin Regulations" licensing stablecoin issuer regulatory guidelines issued by the Hong Kong Monetary Authority (HKMA), the HKMA requires licensed stablecoin issuers to "ensure that specified stablecoins are not issued or offered in jurisdictions that prohibit trading in specified stablecoins," and that "licensees should implement control measures to mitigate the risks of location masking (e.g., using virtual private networks, i.e., VPNs) in remote customer identification procedures and during daily operations."