Hong Kong’s financial regulator issued a public warning against two unauthorized digital tokens, "HKDAP" and "HSBC," that are falsely claiming association with its newly licensed stablecoin issuers, Anchorpoint Financial and HSBC.
"As of this moment, both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market," the Hong Kong Monetary Authority (HKMA) said in a press release. "Members of the public should stay vigilant against fraudulent activities or scams that are purported to be associated with the licensees or their stablecoin issuance."
The fraudulent tokens emerged shortly after the HKMA granted the first licenses under its new stablecoin regime. The framework requires issuers to hold high-quality liquid assets to fully back their tokens and guarantee redemption at face value. The two legitimate licensees, a subsidiary of HSBC and Anchorpoint Financial—a consortium including Standard Chartered, HKT, and Animoca Brands—have not announced a launch date for their official products.
The incident highlights the immediate risks of fraud as regulators try to build a trusted framework for digital assets, potentially creating short-term uncertainty around Hong Kong's stablecoin ambitions. The regulator's swift action aims to protect the integrity of its new licensing system, which is designed to bridge traditional finance and blockchain for cross-border payments, a market Juniper Research estimates will reach $5 trillion by 2035.
The HKMA's alert serves as a critical first test for its ambitious stablecoin project, which aims to position Hong Kong as a leading hub for regulated digital assets. By mirroring the city's long-standing currency board system, where private banks issue notes fully backed by reserves, regulators hope to attract institutional players looking for clarity and stability.
However, the appearance of fraudulent tokens so quickly after the licenses were granted shows the challenge regulators face in policing the market. The unauthorized tokens, which have no actual backing or connection to the licensed entities, sought to capitalize on the market excitement surrounding the new regulatory framework. The HKMA has not disclosed what actions it will take against the creators of the fake tokens but has focused its initial efforts on public awareness to prevent investor losses.
This article is for informational purposes only and does not constitute investment advice.
