In a concerning development, fraudsters have begun promoting fake digital tokens linked to two newly licensed stablecoin issuers in Hong Kong, despite neither firm having launched a product yet. The Hong Kong Monetary Authority (HKMA), HSBC, and Anchorpoint Financial issued separate warnings on Tuesday regarding the appearance of tokens using the tickers “HKDAP” and “HSBC” in the market that are not associated with the licensed entities.
This incident follows Hong Kong’s recent approval of its first stablecoin issuer licenses under the HKMA framework, introduced in August last year. The regulator emphasized that neither of the licensed entities, Anchorpoint Financial nor HSBC, has issued any regulated stablecoins to date.
HSBC clarified that it has not yet issued any stablecoins in Hong Kong and that its planned Hong Kong dollar-pegged token will only be distributed through official channels, including PayMe and the HSBC HK Mobile App, upon its launch in the second half of 2026.
Anchorpoint Financial, another licensed stablecoin issuer, also confirmed that it has not issued any tokens since receiving its license from the HKMA on April 10. The company urged users to verify information through official sources and use only regulated channels for transactions.
Under the regulatory framework, fiat-referenced stablecoin issuers in Hong Kong must be licensed by the HKMA and comply with requirements on reserves, redemption rights, governance, and anti-money laundering controls. The regulator retains the authority to impose fines, suspend operations, or revoke licenses in case of non-compliance.
This situation highlights the importance of vigilance and due diligence when engaging with digital assets, especially in the rapidly evolving cryptocurrency space where scams and fraudulent activities are prevalent.
The emergence of fake tokens exploiting the licensing of legitimate stablecoin issuers underscores the need for investors and users to exercise caution and verify the authenticity of digital assets before engaging with them.
#NexSouk #AIForGood #EthicalAI #Cryptocurrency #HongKong
References:
– https://www.financemagnates.com/cryptocurrency/scammers-target-hong-kong-stablecoin-licences-before-first-tokens-go-live/
– https://www.coindesk.com/policy/2026/04/29/fake-hong-kong-stablecoins-start-trading-as-real-ones-remain-absent
– https://cointelegraph.com/news/visa-stablecoin-settlement-polygon-base-7b-run-rate?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
Ticker symbols: HSBC
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