sources revealed that the Hong Kong "Stablecoin Regulations" will take effect on August 1, 2025, and will also launch stablecoin license applications. This time, the license for stablecoin issuers will not be applied by the applicant downloading the form themselves and submitting a written application in a unified manner, but will be arranged in a similar way to an invitation application system."In terms of actual operation, the Hong Kong Monetary Authority, which is responsible for regulating the issuance of licenses, will communicate with potential stablecoin license applicants in advance to understand whether the other party meets the basic application qualifications. Only with basic approval obtained during pre-communication will the Monetary Authority issue the application form."