Interpretation: A party that actively promotes to the public in Hong Kong its stablecoin issuance initiative, whether ongoing or appearing to be in progress, is also required to apply for a license.

BlockBeats News, June 8th: The Hong Kong stablecoin regulation only allows designated licensed institutions to sell fiat-backed stablecoins in Hong Kong, and only fiat-backed stablecoins issued by licensed issuers can be sold to retail investors. In addition to the above scenario, there is another "active promotion" scenario, which requires a license application even if not directly engaged in regulated stablecoin activities but actively promoting to the public in Hong Kong or elsewhere that they are or appear to be conducting such activities. (Daily Economic News)