According to the Daily Economic News, the Hong Kong Stablecoin Regulations only allow 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. Besides the aforementioned situation, there is another scenario of "active promotion," meaning that even if one is not directly engaged in regulated stablecoin activities, if they actively promote to the public in Hong Kong or other regions that they are or appear to be conducting such activities, they also need to apply for a license.