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 support this strategic initiative using existing cash reserves and funds raised through the placement of new shares. This move comes ahead of the official implementation of the Hong Kong Stablecoin Ordinance on August 1, 2025, demonstrating China SanSan Media's proactive positioning in the digital asset space.

Hong Kong Stablecoin Regulatory Framework: Balancing Strict Compliance and Innovation

According to the Hong Kong Monetary Authority (HKMA), the Stablecoin Ordinance will take effect on August 1, 2025, aiming to establish a comprehensive licensing system for fiat-referenced stablecoins (FRS). The ordinance clearly states that any entity issuing fiat-backed 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 will be allowed to be sold to retail investors in Hong Kong.

The regulatory focus of the ordinance includes:

• Reserve Asset Management: Stablecoins must be fully backed by high-quality, liquid reserve assets, which need to be regularly audited to ensure full backing.

• Anti-Money Laundering and Counter-Terrorist 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 Positioning

The license application by China SanSan Media is seen as an important strategic move in the digital asset field. 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 the license, it could lead to the emergence of more compliant crypto products, injecting vitality into Hong Kong's digital asset market. However, as relevant on-chain data or public statements from industry leaders have yet to emerge, the market's reaction to this news has been relatively calm.

Global Trends and Hong Kong's Unique Positioning

Hong Kong's Stablecoin Ordinance positions it as 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 instance, 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 local enterprises with a clear compliance path but also offers global issuers an opportunity to enter the Asian market. Financial professionals expect that with the implementation of the ordinance, Hong Kong is likely to further solidify its position as a global digital asset hub.

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