Scammers Target Hong Kong Stablecoin Licences Before First Tokens Go Live

Fraudsters have begun
promoting fake digital tokens linked to two newly licensed stablecoin issuers
in Hong Kong, even though neither firm has launched a product.

Singapore
Summit: Meet the largest APAC brokers you know (and those you still don’t!).

The Hong Kong Monetary
Authority, HSBC, and Anchorpoint Financial issued separate warnings on Tuesday.
They said tokens using the tickers “HKDAP” and “HSBC” have appeared in the
market but are not connected to the licensed entities.

The incident follows Hong
Kong’s approval of its first stablecoin issuer licenses under the HKMA
framework earlier this month, which was introduced in August last year. The
regulator said the approvals marked the first under the regime, with
Anchorpoint Financial and HSBC among the first two entities licensed.

No Regulated
Stablecoins Issued, HKMA Says

The HKMA said both
issuers have confirmed that no regulated stablecoins have been issued to date.

HSBC said it “has not
yet issued any stablecoins in Hong Kong,” adding that its planned Hong Kong
dollar-pegged token will be distributed only through official channels,
including PayMe and the HSBC HK Mobile App, when launched in the second half of
2026.

LATEST: 🏦 Hong Kong’s central bank has warned that tokens using the tickers “HSBC” and “HKDAP” have no association with HSBC or Anchorpoint Financial. pic.twitter.com/siRtYqdQC6

— CoinMarketCap (@CoinMarketCap) April 29, 2026

Regulator Can Suspend Stablecoin Issuers

Anchorpoint Financial
said it has not issued any tokens since receiving its license from the HKMA on
April 10 and has not launched any product under the HKDAP name. It urged users
to “verify information through official sources” and use only regulated channels.

Under the rules,
fiat-referenced stablecoin issuers must be licensed by the HKMA and meet
requirements on reserves, redemption rights, governance, and anti-money
laundering controls. The regulator can impose fines, suspend operations, or
revoke licenses.

This article was written by Tareq Sikder at www.financemagnates.com.



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