Odaily Planet Daily News - Sources reveal that Hong Kong's "Stablecoin Regulation" will take effect on August 1, 2025, while initiating the stablecoin license application process. The licenses for stablecoin issuers will not be conducted through a method where applicants download forms themselves and submit written applications uniformly; instead, it will be arranged in a manner similar to an invitation application system. "In practical operational terms, the Hong Kong Monetary Authority, which is responsible for regulating the issuance of licenses, will communicate in advance with prospective stablecoin license applicants to understand whether they meet the basic application qualifications. Only after obtaining basic recognition in pre-communication will the Monetary Authority issue the application forms." (Caixin)