Lawyer Wu Wenkian pointed out that the framework of the Hong Kong stablecoin bill regulates the issuance of stablecoins, and certain platforms do not need to obtain a license in Hong Kong as they are not issuing in Hong Kong nor are they priced in HKD. Conducting OTC trades of USDT / USDC in Hong Kong does not constitute issuance and is not regulated by the regulations, but by the relevant business that may be regulated by future OTC licenses, and is unrelated to the stablecoin regulations.

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