The Hong Kong Stablecoin Ordinance is set to take effect on August 1, 2025, introducing a new licensing system for stablecoin issuers. Unlike traditional application processes, the Hong Kong Monetary Authority (HKMA) will employ an invitation-based system. Interested parties must engage in preliminary discussions with the HKMA to assess their eligibility before receiving an application form. This approach aims to streamline the licensing process by ensuring that only qualified applicants proceed to the formal application stage. The HKMA's proactive communication with potential issuers is designed to enhance regulatory oversight and maintain the integrity of Hong Kong's financial system.