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

According to the "Regulatory Guidance for Licensed Stablecoin Issuers" issued by the Hong Kong Monetary Authority (HKMA) regarding the Stablecoin Ordinance, the HKMA requires licensed stablecoin issuers to "ensure that specified stablecoins are not issued or offered in jurisdictions that prohibit their trading," 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."