China SanSan Media (stock code: 08087.HK) announced plans to apply for a stablecoin license in Hong Kong. It is reported that the company will use existing cash reserves and funds raised through the placement of new shares to support this strategic initiative. This move comes ahead of the official implementation date of the Hong Kong (Stablecoin Regulations) on August 1, 2025, demonstrating China SanSan Media's proactive positioning in the digital asset space.
Hong Kong's stablecoin regulatory framework: Balancing strict compliance and innovation
According to the Hong Kong Monetary Authority (HKMA), the (Stablecoin Regulations) will take effect on August 1, 2025, aiming to establish a comprehensive licensing system for fiat-referenced stablecoins (FRS). The regulations clearly require that any entity issuing fiat-referenced stablecoins or stablecoins pegged to the Hong Kong dollar in Hong Kong must obtain a license from the HKMA. Furthermore, only stablecoins issued by licensed issuers are allowed to be sold to retail investors in Hong Kong.
The regulatory focus of the regulations includes:
Reserve asset management: Stablecoins must be fully backed by high-quality, liquid reserve assets and must be regularly verified to ensure complete backing.
Anti-money laundering and counter-terrorism financing (AML/CFT): Issuers must comply with strict AML/CFT requirements, including customer due diligence and transaction monitoring.
High compliance standards: The HKMA expects to issue only a limited number of licenses initially, and applicants must demonstrate that their business models are sustainable and meet market trust requirements.
China SanSan Media's strategic layout
China SanSan Media's license application is seen as an important strategic move in its digital asset endeavors. According to the company's announcement, its plans are not limited to obtaining a stablecoin issuance license but also include exploring the application of stablecoins in retail payment scenarios and promoting the development of related technology services.
Industry insiders believe that if China SanSan Media successfully obtains a license, it could lead to a surge in compliant crypto products, injecting vitality into Hong Kong's digital asset market innovation. However, due to the lack of relevant on-chain data or public statements from industry leaders, the market's reaction to this news is currently relatively calm.
Global trends and Hong Kong's unique positioning
Hong Kong's (Stablecoin Regulations) make it one of the first jurisdictions globally to establish a dedicated regulatory framework for stablecoins, aligning with international trends such as the EU's (Markets in Crypto-Assets Regulation) (MiCA) and the U.S. (GENIUS Act). For example, similar regulatory frameworks in places like Singapore have had a profound impact on the local crypto market, enhancing compliance and promoting the development of fiat-backed stablecoins.
Hong Kong's regulatory framework not only provides a clear compliance pathway for local businesses but also offers global issuers an opportunity to enter the Asian market. Financial industry professionals expect that with the implementation of the regulations, Hong Kong is likely to further strengthen its position as a global digital asset hub.
