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

Hong Kong’s first batch of stablecoin-issuer licensees has just been 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. HSBC Bank and Anchorpoint Financial secured the first licenses ahead of others. However, just as different parties were eagerly anticipating the developments, scam groups were already on the move. The Hong Kong Monetary Authority (HKMA) 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 stay vigilant.

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

The HKMA also said that HSBC Bank and Anchorpoint Financial have both stated that they have not issued any regulated stablecoins, and therefore urged the public to raise their awareness and guard against any fraudulent activities and scams that misuse the names of licensed institutions or falsely claim to be related to their stablecoins.

Meanwhile, HSBC Bank and Anchorpoint Financial also issued statements respectively, 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-pegged stablecoin in the second half of this year. At that time, it will be made available through PayMe and HSBC Hong Kong’s mobile wealth management app. Anchorpoint Financial previously revealed that it expects to begin rolling 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, 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 joined forces to participate in the stablecoin issuer “Sandbox” 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 markets, thereby strengthening Hong Kong’s position as a global digital asset hub.

• This article is reprinted with authorization 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