Hong Kong Warns Public About Fake Stablecoins Tied to Licensed Issuers

Highlights:

• HKMA warns that “HKDAP” and “HSBC” tokens are not official stablecoins.
• The regulator says no licensed stablecoin issuer has launched these tokens.
• Users should verify tokens through official channels before using or buying them.

The Hong Kong Monetary Authority (HKMA) warned the public about tokens claiming links to licensed stablecoin issuers in Hong Kong. The regulator issued the warning on Tuesday after tokens using the tickers “HKDAP” and “HSBC” appeared in the market.

The HKMA said these tokens are not issued by, or connected with, any licensed stablecoin issuer. The regulator also pointed to separate announcements from Anchorpoint Financial Limited, a subsidiary of Standard Chartered Bank, and The Hongkong and Shanghai Banking Corporation Limited (HSBC), which addressed the same issue.

🚨 SCAM ALERT: Hong Kong’s HKMA warns against fake stablecoins using "HSBC" and "HKDAP" tickers. pic.twitter.com/XYilzL5tu3

— The Coinomist Magazine (@CoinomistMag) April 29, 2026

The warning comes shortly after Hong Kong took a major step in its crypto regulation journey. On April 10, the HKMA granted its first stablecoin issuer licenses to Anchorpoint Financial Limited and HSBC under the city’s Stablecoins Ordinance.

The licenses took effect immediately, allowing both firms to move forward with plans to issue fiat-backed stablecoins, most likely linked to the Hong Kong dollar. These approvals followed a strict review process in which only a small number of applicants were selected from dozens of submissions. 

HKMA Says Licensed Issuers Have Not Launched Stablecoins

Both licensed stablecoin issuers told the HKMA that they have not issued any regulated stablecoins. Therefore, users should not treat tokens with the tickers “HKDAP” and “HSBC” as official stablecoins from these firms.

“HSBC has not yet issued any stablecoins in Hong Kong. We plan to launch an Hong Kong-dollar denominated stablecoin in the second half of this year under a new licence granted in April 2026,” HSBC stated.

The regulator asked the public to stay alert because scammers may use the names of licensed firms to create a false sense of trust. In crypto markets, this type of activity can mislead investors, especially beginners who may believe a token is safe because it appears to be linked to a known company.

The regulator said:

“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.”

HKMA Urges Users to Verify Coins Through Official Channels

The HKMA reminded users to acquire or use stablecoins only through regulated channels. It also advised the public to check official announcements from relevant licensees if they are unsure about any token. 

The alert comes while Hong Kong is developing guidelines for stablecoins. Stablecoins are tokens that generally track the prices of mainstream currencies. They are frequently used for transactions and trading, and regulators want users to know if a token is issued and regulated.

Recent local fraud cases highlight the importance of the warning. Hong Kong police recently reported over 80 online investment scam cases in a single week, with losses topping HK$80 million. In one instance, a woman lost around HK$7.7 million after a fraudster on Telegram promoted a fake crypto investment platform and asked her to transfer USDT and ETH.

Hong Kong police have disclosed a cryptocurrency scam case in which a 66-year-old retiree was repeatedly deceived by a "cryptocurrency investment expert" since September 2025. After being defrauded of HK$1.4 million initially, he paid another HK$600,000 as a deposit to another… pic.twitter.com/hDSS0TY5aN

— Wu Blockchain (@WuBlockchain) March 21, 2026