USDC Jersey Deal Sparks Fears Among Hong Kong Chelsea Fans
Hong Kong Chelsea fans are worried about wearing their new jerseys featuring the USDC stablecoin brand after a recent deal between Chelsea FC and Circle. The jersey is now subject to Hong Kong's strict regulations on stablecoins, which require issuers to be licensed by the Securities and Futures Commission (SFC).
The problem lies in the fact that USDC is not issued by an authorized stablecoin issuer in Hong Kong, despite being regulated by the UK's Financial Conduct Authority (FCA). This has raised concerns among fans and distributors about potential legal repercussions for wearing or selling the jersey.
Danny, a Chelsea fan, told local media that he would not buy the new jersey until the matter is clarified. 'If I wear it, who will enforce the law? Will I be arrested by police?' he said.