The stablecoin license has only just been issued. The Hong Kong Monetary Authority reminds people: Beware of scams impersonating HSBC and sending tokens for free!

Hong Kong’s first batch of stablecoin issuer licenses were just 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, with HSBC Bank and Anchorpoint Financial taking the lead. However, just as many in the industry were waiting with bated breath, scam groups had already moved. The Hong Kong Monetary Authority recently warned that fake tokens have appeared in the market, falsely claiming ties to two licensed issuers, and called on investors to stay alert.

In a statement on Tuesday, the HKMA said that tokens using the codes “HKDAP” or “HSBC” are currently circulating in the market. However, these tokens are not issued by licensed stablecoin issuers, and have no relationship with the issuers.

The HKMA noted that HSBC Bank and Anchorpoint Financial have both said they have not issued any regulated stablecoins. It therefore urged the public to remain vigilant and guard against any scams that impersonate the names of licensed institutions or falsely claim to be related to their stablecoins.

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

BlockBeats 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 (Animoca Brands), with the aim 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 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 financial and payments markets, thereby strengthening Hong Kong’s position as a global digital asset hub.

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