TLDR
- HKMA warned that HKDAP and HSBC tokens are not linked to licensed issuers.
- HSBC said it has not launched a stablecoin in Hong Kong.
- Anchorpoint also denied issuing any regulated stablecoin.
- HSBC plans an HKD stablecoin launch later this year.
- Hong Kong issued its first stablecoin licenses to HSBC and Anchorpoint.
Hong Kong’s financial regulator has warned the public about fake tokens claiming to be linked to licensed stablecoin issuers, after tokens using the names “HKDAP” and “HSBC” appeared in the market.
The warning comes shortly after Hong Kong issued its first stablecoin licenses to HSBC and Anchorpoint Financial. Both firms confirmed that they have not yet launched regulated stablecoins in the market.
HKMA Warns Public Over Fake Stablecoins
The Hong Kong Monetary Authority said members of the public should remain alert to fraudulent tokens and scams claiming to be associated with licensed issuers. The regulator said tokens with the tickers “HKDAP” and “HSBC” have been launched without authorization.
The HKMA advised users to check official announcements from licensed issuers before acquiring or using stablecoins. It also reminded the public to use regulated channels when dealing with digital assets.
The warning reflects the risks that can emerge after a licensing announcement, as scammers may attempt to use well-known financial names to attract buyers. Stablecoins linked to banks or regulated firms can appear more credible to retail users, making official verification important.
HSBC and Anchorpoint Deny Token Links
HSBC said it has not launched a stablecoin in Hong Kong. The bank said it plans to introduce a Hong Kong dollar-denominated stablecoin later this year through PayMe and the HSBC HK Mobile App.
Anchorpoint Financial also denied any connection to tokens currently using the HKDAP name. The firm has said it plans to launch its HKDAP stablecoin in phases beginning in the second quarter.
Anchorpoint is a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications. Its licensing made it one of Hong Kong’s first approved stablecoin issuers alongside HSBC.
The denials from both issuers mean any currently circulating tokens using those names should not be treated as regulated products.
Hong Kong Builds Stablecoin Rules
Hong Kong has been developing a regulated digital asset framework since announcing its crypto strategy in 2022. The city has introduced licensing rules for crypto exchanges and created a framework for stablecoin issuers.
The HKMA also launched a stablecoin sandbox in 2024, allowing potential issuers to test token models under regulatory supervision before full market release.
The latest warning shows that enforcement and public education remain part of Hong Kong’s stablecoin rollout. Regulators are seeking to support licensed digital asset activity while limiting fraud tied to unauthorized tokens.
Stablecoin users in Hong Kong are being urged to verify issuer details, avoid unofficial token listings, and rely only on regulated platforms or direct company channels.
