CoinVoice has recently learned from the Daily Economic News 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 engaging in regulated stablecoin activities, if they proactively promote to the public in Hong Kong or other regions that they are or seem to be conducting such activities, they also need to apply for a license. [Original link]