Regulator Flags Fraudulent Token Activity
The Hong Kong Monetary Authority (HKMA) has issued a warning about fake stablecoins circulating in the market. These tokens are falsely claiming to be linked to HSBC and Anchorpoint Financial.
The regulator confirmed that tokens named “HKDAP” and “HSBC” are not connected to any licensed stablecoin issuers in Hong Kong. Authorities have urged the public to remain alert against scams.
HSBC and Anchorpoint Deny Any Association
Both HSBC and Anchorpoint Financial have officially denied involvement with these tokens. They clarified that no stablecoin has been launched under their names in Hong Kong.
The HKMA also reinforced that neither institution has issued any official stablecoin products at this stage.
Licensed Issuers Still Preparing Stablecoin Launches
Despite the scam alerts, both firms are working on future stablecoin plans. HSBC stated it aims to launch an HKD-backed stablecoin in the second half of the year.
The stablecoin will reportedly be available through PayMe and the HSBC Hong Kong Mobile App. Anchorpoint Financial also plans a phased rollout of its HKDAP stablecoin starting in the second quarter.
Hong Kong Strengthens Crypto Regulation Framework
Hong Kong has been actively building a regulated crypto environment since 2022. The government introduced a licensing system for exchanges and clear rules for stablecoin issuers.
In 2024, Hong Kong also launched a stablecoin sandbox. This allows companies to test digital assets under regulatory supervision before public release.
Growing Concerns Over Crypto Scams
Authorities say fake tokens are becoming a growing risk in the crypto sector. Fraudsters often misuse well-known brand names to deceive investors.
The HKMA has urged investors to verify all stablecoin projects before participating in any transactions.
