So in Hong Kong, USDT and USDC can only be traded by professional investors, namely institutions and individuals holding a PI license.
-- According to the 'Stablecoin Ordinance', designated stablecoins issued by licensed entities have no audience restrictions and can be sold to retail investors. -- Other designated stablecoins issued by unlicensed issuers (such as the legally pegged stablecoins that are widely circulated in the market like USDT and USDC, issued outside of Hong Kong) can only be sold to professional investors as defined by the 'Securities and Futures Ordinance'.
-- According to Hong Kong's 'Securities and Futures Ordinance', professional investors include institutional professional investors, corporate professional investors, and individual professional investors.
-- Individuals holding a PI license, namely individual professional investors, refer to individuals specified in Article 5 of the 'Securities and Futures (Professional Investors) Rules', who have an investment portfolio of HKD 8 million (or equivalent foreign currency) or more, including cash, deposits, and securities as defined by the 'Securities and Futures Ordinance'.
