Odaily Planet Daily reported that Hong Kong's stablecoin regulations only allow designated licensed institutions to sell fiat-backed stablecoins in Hong Kong, and only fiat-backed stablecoins issued by licensed issuers can be sold to retail investors. In addition to the aforementioned situations, there is another scenario of 'active promotion', which means that even if one is not directly engaged in regulated stablecoin activities, if they actively promote to the public in Hong Kong or other regions that they are or seem to be engaged in such activities, they also need to apply for a license. (Daily Economic News)