Hong Kong regulator warns against fake HSBC and HKDAP stablecoins
Hong Kong’s de facto central bank has issued a public warning about fraudulent stablecoins falsely claiming ties to licensed issuers. The alert specifically targets tokens using the names “HKDAP” and “HSBC,” which have no connection to any regulated entities in the region.
Highlights
- HKMA warned about fake stablecoins using names “HKDAP” and “HSBC.”
- Both HSBC and Anchorpoint Financial denied any connection to the tokens.
- The regulator issued Hong Kong’s first stablecoin licenses earlier in April.
Official response
In a statement released on Tuesday, the Hong Kong Monetary Authority (HKMA) alerted the public to tokens using the names “HKDAP” and “HSBC,” emphasizing that neither has any connection to licensed stablecoin issuers.
Both HSBC and Anchorpoint Financial quickly issued separate statements denying any involvement and confirming they have not yet launched any stablecoins in Hong Kong.
The HKMA urged citizens to remain vigilant against scams or fraudulent schemes purporting to be linked to licensed entities or stablecoin issuances.
Regulatory context
Earlier this month, the HKMA granted Hong Kong’s first stablecoin licenses to HSBC and Anchorpoint Financial — a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.
HSBC has announced plans to launch a Hong Kong dollar stablecoin in the second half of 2026, to be offered through its PayMe and HSBC HK mobile apps.
Implications
The warning highlights the growing risk of impersonation scams as Hong Kong positions itself as a leading hub for regulated digital assets in Asia.
It serves as a reminder for investors to verify the licensing status of any stablecoin project before engaging with it.
Earlier, we reported that the stablecoin market could reach $1.5 quadrillion and surpass global payments.
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