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 and are not priced in Hong Kong dollars. Conducting OTC transactions of USDT/USDC in Hong Kong does not fall under issuance and is not regulated by the regulations, but may be subject to future OTC license regulations related to relevant businesses, which are not related to the stablecoin regulations.