According to Foresight News, sources indicate that the issuance of stablecoin licenses will not follow the traditional method of applicants downloading forms and submitting written applications. Instead, an invitation-based application process will be adopted.
In practice, the Hong Kong Monetary Authority (HKMA), responsible for regulating the licensing, will engage in preliminary discussions with potential stablecoin license applicants. This pre-communication aims to assess whether the applicants meet the basic qualifications. Only those who receive preliminary approval during these discussions will be issued application forms by the HKMA.