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According to Techub News, Wu Wenqian, a partner in legal compliance at Mulan Investment, analyzed the "Hong Kong Stablecoin Regulations" and pointed out that the "regulated stablecoin activities" in the regulations mainly include: the issuance of designated stablecoins in Hong Kong; stablecoins issued overseas but pegged to the Hong Kong dollar; as well as activities specifically designated by the Financial Secretary. Tether and Circle do not issue stablecoins in Hong Kong, and since USDT and USDC are not pegged to the Hong Kong dollar, they are not required to apply for a license. In addition, Wu Wenqian pointed out that OTC business may be regulated by other licenses in the future and is unrelated to the stablecoin regulations.