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Sources: Hong Kong stablecoin license review will be conducted on an invitation-only application basis.
According to Foresight News, sources from Caixin reported that the licenses for stablecoin issuers will not be obtained through a self-download and unified written application process, but rather through a system similar to an invitation application. "In practical terms, the Hong Kong Monetary Authority, which is responsible for regulating the issuance of licenses, will communicate in advance with potential stablecoin license applicants to understand whether they meet the basic application qualifications. Only after obtaining basic recognition in the preliminary communication will the Monetary Authority issue the application forms."