The Hong Kong Monetary Authority (HKMA) has warned the public about fake stablecoins in Hong Kong, specifically flagging tokens that falsely claim association with licensed issuers Anchorpoint Financial and HSBC.

The regulator stated that no authorised entities 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 at this time.

The HKMA advised individuals to remain vigilant against scams attempting to exploit the names of licensed entities to deceive investors.

The regulator urges users to verify information through official company announcements and to ensure they acquire digital assets only through regulated platforms.

HKMA granted its first official stablecoin licenses to HSBC and the Standard Chartered-backed Anchorpoint.

While the city’s new regulatory regime has awarded these licenses, the authorised issuers have not yet released their tokens for public use.

Featured image credit: Edited by Fintech News Hong Kong, based on image by mayaung994, nmrahim1257 and user4436526 via Magnific