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Hong Kong Monetary Authority: Beware of Fake Tokens Claiming Association with Licensed Stablecoin Issuers
On April 29, the Hong Kong Monetary Authority announced a warning against tokens claiming to be associated with licensed stablecoin issuers. Tokens using ‘HKDAP’ or ‘HSBC’ as identifiers have appeared in the market, but these tokens are not issued by licensed stablecoin issuers and have no connection to them. The Hong Kong Monetary Authority urges the public to remain vigilant and pay attention to statements issued by Dingdian Financial Technology Co., Ltd. and HSBC Holdings plc regarding this situation. So far, both licensed stablecoin issuers have stated that they have not issued any regulated stablecoins in the market. The Hong Kong Monetary Authority reminds the public to be alert to any fraudulent activities claiming to be related to licensed issuers or their issued stablecoins.