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According to a report by Jinse Finance, Hong Kong police have revealed that they have arrested four local residents on charges of "conspiracy to defraud." The suspects are accused of organizing promotional dinners for the "DGCX Xinkangjia" cryptocurrency scam, recruiting victims, and collecting fraudulent funds totaling HK$3.89 million. Except for a small amount that was withdrawn, approximately HK$3.2 million has yet to be recovered. Police investigations confirmed that DGCX Xinkangjia was a fake trading platform, with at least 118 victims in Hong Kong. The victims' funds were never invested in any real assets; some of the money was used to maintain platform operations, while other portions are believed to have been used to pay withdrawals to other victims. Industry lawyers noted that since DGCX Xinkangjia settled transactions using the stablecoin USDT, this has created significant challenges for the investigation, fund recovery, and victims' rights protection.

According to ChainCatcher, sources have revealed that Hong Kong's Stablecoin Regulation will take effect on August 1, 2025, at which time the application process for stablecoin licenses will also commence. Unlike the traditional approach where applicants download forms and submit written applications in a standardized manner, the licensing process for stablecoin issuers will be arranged through an invitation-based application system. “In practice, the Hong Kong Monetary Authority, which is responsible for supervising the licensing process, will proactively communicate with prospective stablecoin license applicants to assess whether they meet the basic eligibility requirements. Only those who receive preliminary approval during this pre-communication phase will be issued application forms by the HKMA.”