Lawyer Wu Wenqian pointed out that the framework of the Hong Kong stablecoin bill regulates the issuance of stablecoins. Tether and Circle do not need to obtain licenses in Hong Kong, as they do not issue in Hong Kong nor are they priced in Hong Kong dollars. Conducting OTC trades of USDT / USDC in Hong Kong does not fall under issuance and is not regulated by the ordinance, but may be subject to regulation by future OTC licenses for related businesses, although it is unrelated to the stablecoin ordinance. #USDT #USDC✅
