Hong Kong Regulators Gatekeep Stablecoin Future as China Sansan Seeks Entry

HK-Listed China Sansan Embraces Stablecoins After Securing HKMA Payment License, Plans Payment & Prepaid Card Expansion

Hong Kong-listed company China Sansan Media Group has identified stablecoins as a strategic opportunity to enter the cryptocurrency field, according to its 2025 mid-year report. The group holds a Hong Kong Monetary Authority (HKMA) payment license, which it plans to leverage to expand its payment and prepaid card business. The company is also seeking to apply for additional financial licenses to further strengthen its position in the digital asset space. Its proactive stance reflects broader market interest in stablecoin adoption, as Hong Kong regulators continue to shape a cautious but innovation-friendly framework for digital currency operations.

The HKMA has confirmed it will issue only a limited number of stablecoin licenses in the initial phase of its regulatory rollout. As of late August 2025, 77 institutions, including major financial players such as Standard Chartered, Bank of China (Hong Kong), Industrial and Commercial Bank of China (Asia), and HSBC, have applied for licenses. Despite the high volume of interest, regulators have emphasized a stringent selection process, requiring applicants to demonstrate robust compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) requirements, as well as viable use cases for their stablecoin offerings. The first approvals are expected by early 2026, with only a handful of institutions likely to receive licenses in the initial phase.

The regulatory environment reflects a broader global trend toward stabilizing and legitimizing the stablecoin market. In Hong Kong, the HKMA’s approach aims to balance innovation with risk management by restricting early entry to well-capitalized, institutionally strong applicants. This strategy is intended to build public and institutional trust in stablecoin usage, particularly in cross-border payments and financial services. Experts have noted that this controlled rollout could position Hong Kong as a leader in Asia’s digital asset landscape, especially as the U.S. continues to deliberate on its own stablecoin legislation.

China Sansan’s strategy aligns with this regulatory trajectory. With its existing payment license and plans to expand into crypto-related services, the company is preparing to capitalize on the growing demand for digital currencies in both business and consumer markets. The firm has also seen a positive response from investors, with its stock price rising by 1.63% on the day its mid-year report was released. This upward movement may indicate market confidence in its ability to adapt to the evolving digital economy and regulatory landscape.

The cautious yet ambitious approach of both the HKMA and companies like China Sansan highlights the potential for stablecoins to become a mainstream financial tool in the coming years. As the first licenses are expected to be granted by early 2026, the market will closely watch which institutions are approved and how their stablecoins perform in real-world use cases. This will likely set the tone for the broader adoption of digital currencies in Hong Kong and beyond.

Source: [1] Standard Chartered, BOC Lead Hong Kong's Crowded Stablecoin License Push (https://www.ccn.com/news/crypto/standard-chartered-boc-hong-kong-crowded-stablecoin-license-push/) [2] 3-3 Media: Considers Stablecoin as a Strategic Opportunity Actively Seeking to Expand into Crypto-Related Business (https://www.weex.com/news/detail/3-3-media-considers-stablecoin-as-a-strategic-opportunity-actively-seeking-to-expand-into-crypto-related-business-162473) [3] HKMA to Issue Limited Stablecoin Licenses in First Phase (https://www.livebitcoinnews.com/hkma-to-issue-limited-stablecoin-licenses-in-first-phase/)