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

Just as Hong Kong’s first stablecoin-issuer licensing batch was obtained by HSBC and Anchorpoint Financial, the market has already seen fake tokens impersonating the “HSBC” and “HKDAP” codes.

In early April this year, Hong Kong issued its first stablecoin-issuer licenses. HSBC Bank and Anchorpoint Financial secured the first spots, but right as the industry was eagerly looking on, scam groups had already moved. The Hong Kong Monetary Authority recently warned that fake tokens have appeared in the market, falsely claiming to be related to 2 licensed issuers, and therefore called on investors to remain vigilant.

In a statement on Tuesday, the HKMA said 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 said that both HSBC Bank and Anchorpoint Financial have stated that they have not issued any regulated stablecoins, and urged the public to stay alert to prevent any scams that misuse the name of licensed institutions or falsely claim to be related to their stablecoins.

Meanwhile, HSBC Bank and Anchorpoint Financial also issued statements 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, and that it will be made available through PayMe and the HSBC Hong Kong mobile wealth management app. Anchorpoint Financial had previously revealed that it expects to roll out its own stablecoin “HKDAP” in phases starting from the second quarter of this year.

Blockcast previously reported that “Anchorpoint Financial (Anchorpoint Financial Technology)” is a joint venture jointly established by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and the Hong Kong Web3 company Animoca Brands (Animoca Brands), with the goal of building a business model focused on “issuing and promoting regulated stablecoins.”

Since July 2024, Animoca Brands, Standard Chartered Hong Kong, and Hong Kong Telecom have teamed up to take part in the “Sandbox” for stablecoin issuers 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, Anchorpoint Stablecoins! HKMA Urges: Stay Alert and Avoid Scams”
• Original author: Block Sister MEL