What Is the Difference between a Regulatory “Safe Harbor” and a Full Operating License for a Stablecoin Issuer?

A regulatory "safe harbor" is a temporary exemption or limited waiver from certain securities laws, typically granted to allow innovative projects (like a new stablecoin design) to develop and test their product without immediate, full regulatory compliance. It is a time-bound grace period.

A full operating license, conversely, is a permanent authorization granted after the issuer meets all the stringent capital, compliance, and disclosure requirements set by the regulator, allowing them to operate as a fully regulated financial institution.