Hong Kong’s financial regulator has issued a fraud alert over counterfeit stablecoins impersonating HSBC and Anchorpoint Financial Limited, the only two entities licensed to issue digital currencies in the territory. The Hong Kong Monetary Authority (HKMA) confirmed that tokens bearing the tickers “HKDAP” and “HSBC” are circulating without authorization from either issuer, exploiting regulatory momentum ahead of their official launches.
Scammers Capitalize on Regulatory Approval Window
The fake tokens emerged as HSBC received its stablecoin license earlier this month, becoming one of just two approved issuers alongside Anchorpoint Financial Limited, a joint venture between Standard Chartered, Hong Kong Telecom, and Animoca Brands. The HKMA has fielded 36 total stablecoin applications since implementing licensing requirements following last year’s legislation, but only two have cleared regulatory review. The impersonation scheme exploits the gap between regulatory approval and product launch, a window scammers use to build false credibility with retail investors unfamiliar with the licensing timeline.
HKMA Issues Direct Warning to Investors
The regulator stated: “Tokens with tickers ‘HKDAP’ or ‘HSBC’ have been launched, but they are not issued by or otherwise associated with licensed stablecoin issuers.” The HKMA warned that “members of the public should stay vigilant against fraudulent activities or scams that are purported to be associated with the licensees.” Neither HSBC nor Anchorpoint has launched official products. HSBC confirmed its HKD stablecoin will distribute exclusively through PayMe and its mobile banking app when it launches in the second half of 2024. Anchorpoint’s phased rollout timeline remains unspecified.
Hong Kong’s Stablecoin Framework Under Stress Test
The fraud alert reflects early friction in Hong Kong’s newly minted stablecoin regime. The territory approved legislation last year to regulate digital currency issuance, positioning itself as a hub for Asian stablecoin innovation. With only 2 of 36 applications approved, the high rejection rate creates scarcity value that scammers exploit. The HKMA’s public warning signals that regulatory approval alone does not guarantee investor protection without coordinated communication on launch timelines and distribution channels.
Licensed Issuers Confirm No Current Products
Both HSBC and Anchorpoint have publicly denied association with the circulating tokens. HSBC’s distribution strategy through proprietary apps reduces secondary market exposure but does not eliminate impersonation risk on decentralized exchanges or unregulated trading platforms. The regulator has not disclosed how many tokens have been sold or which exchanges are listing the fakes, leaving the scale of potential losses unknown.
