Hong Kong flags counterfeit stablecoins tied to licensed issuers

Hong Kong regulators have warned investors about counterfeit stablecoins circulating under the names of newly approved issuers, even as the city prepares for its first regulated launches.

Scammers have begun promoting fake tokens linked to HSBC and Anchorpoint Financial, the two firms recently granted stablecoin licenses in the region. The activity comes before either company has released an official product.

The Hong Kong Monetary Authority (HKMA), along with both firms, issued alerts on Tuesday after tokens using the tickers “HKDAP” and “HSBC” appeared in the market without authorization.

“As of this moment, both licensed stablecoin issuers have confirmed that they have not issued any regulated stablecoins in the market,” the HKMA said.

Hong Kong rolled out its stablecoin licensing framework in August 2025, with the first approvals granted last month. HSBC and Anchorpoint Financial were selected as the initial participants under the regime, following a vetting process that included reserve requirements and compliance checks.

HSBC, Anchorpoint reiterate launch timelines amid scams

In a statement, HSBC said it “has not yet issued any stablecoins in Hong Kong,” noting that its planned Hong Kong dollar-pegged token will be introduced through PayMe and the HSBC HK Mobile App in the second half of 2026.

Anchorpoint Financial gave a similar clarification, stating that it has not launched any tokens under the HKDAP ticker since receiving its license on April 10. “Anchorpoint would like to remind the public to verify information through official sources and use only regulated channels when acquiring or using stablecoins,” the firm said.

Anchorpoint operates as a joint venture backed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, positioning it among the early institutional entrants into Hong Kong’s regulated digital asset market.

Oversight and enforcement standards

Under Hong Kong’s licensing regime, issuers of fiat-referenced stablecoins must obtain approval from the HKMA and meet strict requirements on reserve backing, redemption guarantees, governance standards, and Anti-Money Laundering compliance.

The framework also grants the regulator authority to investigate misconduct and take enforcement action, including imposing fines, suspending operations, or revoking licenses if firms fail to meet regulatory obligations.

The rollout follows earlier delays in the approval process. HKMA Chief Executive Eddie Yue had previously indicated that only a “very small number of issuers” would be licensed in the initial phase.

The eventual approval of HSBC and Anchorpoint has now set the stage for Hong Kong’s first regulated stablecoin launches, even as authorities move to curb fraudulent activity in the market.