HKMA Warns of Fake Stablecoins as Licensed Issuers Have Yet to Launch Tokens in Hong Kong

TLDR:

• The Hong Kong Monetary Authority (HKMA) has warned the public about fraudulent stablecoins falsely claiming association with licensed issuers Anchorpoint Financial and HSBC
• The regulator stated that no authorised entities currently issue or connect to tokens operating under the tickers “HKDAP” and “HSBC”
• Both Anchorpoint and HSBC have confirmed they have not launched any regulated stablecoins in the market despite receiving their licences
• The HKMA is urging investors to verify information through official company announcements and acquire digital assets only through regulated platforms
• The warning highlights a gap between Hong Kong’s stablecoin licensing regime being in place and actual token issuance reaching the market

The Hong Kong Monetary Authority (HKMA) has issued a public warning about fake stablecoins operating in Hong Kong, specifically flagging tokens that falsely claim association with licensed issuers Anchorpoint Financial and HSBC. The regulator stated clearly that no authorised entities currently issue or connect to tokens operating under the tickers “HKDAP” and “HSBC” — despite both companies having received official stablecoin licences in Hong Kong.
The warning underscores a key reality in Hong Kong’s evolving digital asset landscape: the regulatory framework has moved faster than actual market deployment. While the city has been proactive in establishing a stablecoin licensing regime, the authorised issuers have not yet released their tokens for public use. This gap has apparently created an opening for bad actors to issue fraudulent tokens using the names of reputable, licensed entities.

The Licence Gap Creates Opportunity for Fraud

The HKMA granted its first official stablecoin licences to HSBC and the Standard Chartered-backed Anchorpoint, positioning Hong Kong as one of the more forward-looking jurisdictions in regulating stablecoin issuers. The intention was to build trust and clarity in the market by establishing clear regulatory guardrails before large-scale token issuance.
However, with both Anchorpoint and HSBC confirming they have not yet launched any regulated stablecoins, there is a window of ambiguity that scammers have been quick to exploit. The fact that the tokens carry recognisable tickers associated with well-known financial institutions makes the deception more convincing — users who see “HKDAP” or “HSBC” attached to a stablecoin may reasonably assume it has been officially issued.
The HKMA’s warning makes clear that this is not the case. Any token currently operating under these names is fraudulent, regardless of how professionally it may present itself.

What the HKMA Is Saying

The regulator has advised individuals to remain vigilant against scams that exploit the names of licensed entities to deceive investors. The guidance is straightforward: verify information through official company announcements and ensure you acquire digital assets only through regulated platforms with proper licensing credentials.
For consumers who may have already encountered these fake tokens, the advice is to exercise caution and seek out official channels for confirmation before making any financial commitment. The HKMA’s statement also implicitly reinforces that legitimate stablecoin issuers will announce their products through official channels and will not be marketing tokens that appear suddenly without prior regulatory confirmation.

Why This Matters for Hong Kong’s Digital Asset Ambitions

Hong Kong has positioned itself as a bridge between traditional finance and the digital asset sector, with particular emphasis on attracting blockchain and digital asset businesses that need regulatory clarity to operate at scale. The stablecoin licensing framework is central to this ambition — if Hong Kong-based issuers can offer regulated, transparent stablecoins backed by credible institutions, it strengthens the city’s proposition as a digital asset hub.
The appearance of fraudulent tokens undermines this positioning. For every fake token that surfaces, there is a risk that retail investors — and even institutional participants — become warier of the broader stablecoin market in Hong Kong. Trust is a fragile thing in digital assets, and episodes like this can leave lasting impressions even when the regulatory response is swift.
The HKMA’s proactive warning is therefore not just about protecting individual investors — it is about protecting the credibility of the broader regulatory framework that Hong Kong has worked to build.

A Reminder to Verify Before Investing

The episode is a useful reminder that in the digital asset space, reputation alone is not enough. Licensed issuers with well-known brand names are attractive targets for fraudsters precisely because their names carry weight. Users who wish to engage with stablecoins — whether for remittance, trading, or payment purposes — should confirm directly with issuers through official channels before assuming that a token bearing a familiar name is legitimate.
For now, the HKMA’s message is clear: the tokens are not out yet. Anyone claiming to offer them is operating outside the boundaries of what has been authorised. Until the licensed issuers officially launch their products, the safest approach is to wait and verify.

Our Take

The HKMA’s warning about fake stablecoins is a timely intervention that highlights the growing pains of Hong Kong’s digital asset regulatory framework. The fact that legitimate issuers like HSBC and Anchorpoint have not yet launched tokens creates a vacuum that scammers are filling — and the regulator is right to move quickly to protect investors and maintain market integrity.
For the broader Hong Kong digital asset ecosystem, this episode reinforces a critical lesson: regulatory clarity is necessary but not sufficient on its own. When licences are issued before products launch, there will inevitably be a period where bad actors can exploit the gap. The HKMA’s response — clear, public, and proactive — suggests it understands this dynamic and is willing to act decisively.
The question now is whether the authorised issuers will accelerate their launch timelines in response to the fraud warnings. The longer the gap between licensing and actual token issuance, the greater the opportunity for bad actors to do damage. For Hong Kong’s digital asset ambitions, closing that gap as quickly as possible should be a priority.
Keyword: HKMA fake stablecoins Hong Kong
Source:
– Fintech News Hong Kong – HKMA Warns of Fake Stablecoins as Licensed Issuers Have Yet to Launch Tokens