Fraudsters have begun
selling faux digital tokens linked to 2 newly licensed stablecoin issuers
in Hong Kong, although neither agency has launched a product.
Singapore
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The Hong Kong Financial
Authority, HSBC, and Anchorpoint Monetary issued separate warnings on Tuesday.
They mentioned tokens utilizing the tickers “HKDAP” and “HSBC” have appeared within the
market however are usually not linked to the licensed entities.
The incident follows Hong
Kong’s approval of its first stablecoin issuer licenses underneath the HKMA
framework earlier this month, which was launched in August final yr. The
regulator mentioned the approvals marked the primary underneath the regime, with
Anchorpoint Monetary and HSBC among the many first two entities licensed.
No Regulated
Stablecoins Issued, HKMA Says
The HKMA mentioned each
issuers have confirmed that no regulated stablecoins have been issued thus far.
HSBC mentioned it “has not
but issued any stablecoins in Hong Kong,” including that its deliberate Hong Kong
dollar-pegged token shall be distributed solely by way of official channels,
together with PayMe and the HSBC HK Cell App, when launched within the second half of
2026.
LATEST: 🏦 Hong Kong’s central financial institution has warned that tokens utilizing the tickers “HSBC” and “HKDAP” don’t have any affiliation with HSBC or Anchorpoint Monetary. pic.twitter.com/siRtYqdQC6
— CoinMarketCap (@CoinMarketCap) April 29, 2026
Regulator Can Droop Stablecoin Issuers
Anchorpoint Monetary
mentioned it has not issued any tokens since receiving its license from the HKMA on
April 10 and has not launched any product underneath the HKDAP identify. It urged customers
to “confirm data by way of official sources” and use solely regulated channels.
Beneath the foundations,
fiat-referenced stablecoin issuers should be licensed by the HKMA and meet
necessities on reserves, redemption rights, governance, and anti-money
laundering controls. The regulator can impose fines, droop operations, or
revoke licenses.
This text was written by Tareq Sikder at www.financemagnates.com.
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