Hong Kong to criminalize unlicensed stablecoin promotion from August
PANews reported on July 24 that according to Cointelegraph , Hong Kong will begin to implement the Stablecoin Ordinance on August 1, 2025 , prohibiting the provision or promotion of unlicensed fiat-backed stablecoins ( FRS ) to retail investors. Violators may be fined up to HK$ 50,000 and imprisoned for six months. The Hong Kong Monetary Authority ( HKMA ) issued a warning on Wednesday, reminding investors to stay away from unlicensed stablecoins to avoid accidentally falling into the law. HKMA President Yu Weiwen said that the new regulations are aimed at bringing credibility and stability to the stablecoin industry while protecting investors from fraud and excessive speculation. Although there are currently as many as 50 companies applying for stablecoin licenses, most applications lack practical implementation plans and only a few licenses will be approved.
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Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more