Stablecoin license just issued, Hong Kong Monetary Authority warns: scams impersonating HSBC, issuing tokens!

The first batch of stablecoin issuer licenses in Hong Kong has just been obtained by HSBC and Anchorpoint Financial, but the market has already seen fake tokens impersonating the codes “HSBC” and “HKDAP.”

In early April this year, Hong Kong issued its first batch of stablecoin issuer licenses. HSBC Bank and Anchorpoint Financial got the first approvals, but just as everyone was looking forward to what was to come, scam groups were already on the move. The HKMA recently warned that there are fake tokens circulating in the market that falsely claim to be related to 2 licensed issuers, and therefore called on investors to stay alert.

The HKMA said on Tuesday that tokens using the codes “HKDAP” or “HSBC” are currently appearing in the market. However, these tokens are not issued by licensed stablecoin issuers and have no connection to the issuers.

The HKMA also noted that HSBC Bank and Anchorpoint Financial have both stated that they have not issued any regulated stablecoins. It therefore urged the public to remain vigilant against any fraudulent activities and scams that misuse the names of licensed institutions or falsely claim ties to their stablecoins.

Meanwhile, HSBC Bank and Anchorpoint Financial also released statements, respectively, strongly denying any connection to these tokens and clarifying that they have not launched any stablecoins in Hong Kong.

HSBC Bank said it plans to launch a Hong Kong dollar-denominated stablecoin in the second half of this year, which will be provided via PayMe and the HSBC Hong Kong mobile wealth management app. Anchorpoint Financial previously disclosed that it expects to start rolling out its own stablecoin “HKDAP” in stages beginning in the second quarter of this year.

Blockcast previously reported that “Anchorpoint Financial” is a joint venture established by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Hong Kong Web3 company Animoca Brands, aiming to build a business model focused on issuing and promoting “regulated stablecoins.”

Since July 2024, Animoca Brands, Standard Chartered Bank (Hong Kong), and Hong Kong Telecom have joined forces to participate in the “Sandbox” stablecoin issuer initiative launched by the HKMA, jointly exploring how stablecoins can combine Web3 with traditional finance to play a key role in the development of the financial and payments market—thereby strengthening Hong Kong’s position as a global digital asset hub.

• This article is reprinted with permission from: Blockcast
• Original title: Fake tokens impersonate HSBC and Anchorpoint stablecoins! HKMA urges: stay alert and don’t fall for scams
• Original author: Block Sister MEL