According to a report by Caixin on July 19, sources revealed that the licensing for stablecoin issuers will not be done through a method where applicants download forms themselves and submit written applications uniformly, but will instead be arranged in a manner similar to an invitation-based application system. "In practical terms, the Hong Kong Monetary Authority, which is responsible for regulating the licensing, will communicate in advance with interested stablecoin license applicants to understand whether they meet the basic application qualifications. Only after obtaining basic recognition in these preliminary communications will the Monetary Authority issue application forms."