HKMA issues warning on fake HSBC and HKDAP tokens

HKMA warns of fake "HKDAP" and "HSBC" tokens. No official stablecoins launched yet. Public urged to use only regulated channels and stay alert for scams.

The Hong Kong Monetary Authority (HKMA) has issued a warning about fraudulent tokens labeled as "HKDAP" and "HSBC." These tokens falsely claim to be linked to licensed stablecoin issuers HSBC and Anchorpoint Financial. Both companies have denied any association with these tokens and confirmed that no regulated stablecoins have been launched in Hong Kong yet. HSBC plans to introduce an HKD-pegged stablecoin in the second half of the year, while Anchorpoint Financial aims to roll out its HKDAP stablecoin in phases starting in the second quarter. The HKMA urges the public to remain vigilant, use only official channels, and rely on regulated sources when dealing with digital assets. This warning comes as Hong Kong implements a new licensing regime for stablecoins, highlighting the city's ambitions as a regulated digital asset hub and the risks posed by unregulated products.