PANews reported on July 19 that according to Caixin, the Hong Kong Stablecoin Ordinance will take effect on August 1, 2025, and the application for stablecoin licenses will be launched at the same time. Two sources pointed out to Caixin that the license for stablecoin issuers will not be issued by applicants downloading forms and submitting written applications on their own, but will be arranged in a similar invitation application system. As for the so-called invitation application system, a source explained that at the practical level, the Hong Kong Monetary Authority, which is responsible for supervising and issuing licenses, will communicate with interested applicants for stablecoin licenses in advance to understand whether the other party meets the basic application qualifications. Only after obtaining basic recognition in the pre-communication will the HKMA issue the application form.

Another source revealed that application scenarios are one of the factors that regulators value most, and it can be felt that the Hong Kong Monetary Authority is very cautious about approving licenses.