Hong Kong Warns of Fake Stablecoins Linked to HSBC and Anchorpoint Financial

by

Hong Kong flags counterfeit stablecoins tied to licensed issuers

Hong Kong’s financial watchdogs are cautioning investors about fake stablecoins appearing with the names of companies recently authorized to issue them, just as the city gets ready to allow the first officially regulated stablecoins to launch.

Summary

  • Hong Kong Monetary Authority warns of fake “HSBC” and “HKDAP” tokens, with HSBC and Anchorpoint Financial confirming no regulated stablecoins have been issued.
  • HSBC and Anchorpoint reiterate that official launches are yet to begin, urging users to rely on verified channels amid rising scam activity.
  • Hong Kong’s new licensing regime imposes strict reserve, AML, and governance rules, with enforcement powers including fines, suspensions, and license revocations.

Fraudsters are advertising counterfeit digital tokens that falsely claim to be connected to HSBC and Anchorpoint Financial, two companies that recently received approval to issue stablecoins. This is happening *before* either company has actually launched any official tokens.

Hong Kong’s financial regulator, the HKMA, warned the public on Tuesday, along with the affected companies, about unauthorized digital tokens appearing online with the symbols “HKDAP” and “HSBC”.

According to the Hong Kong Monetary Authority (HKMA), the two companies authorized to issue stablecoins have stated they haven’t released any regulated stablecoins for use yet.

Hong Kong began allowing stablecoin companies to operate with licenses in August 2025, and recently approved the first two: HSBC and Anchorpoint Financial. These companies were chosen after careful review to ensure they met requirements for reserves and followed all regulations.

HSBC, Anchorpoint reiterate launch timelines amid scams

HSBC announced that while it hasn’t launched any stablecoins in Hong Kong yet, it plans to release a Hong Kong dollar-linked token through its PayMe app and the HSBC Hong Kong Mobile App in the latter half of 2026.

Anchorpoint Financial also clarified that it hasn’t issued any tokens with the symbol HKDAP since being licensed on April 10th. The company advises the public to double-check information using official sources and only use authorized platforms when buying or using stablecoins.

Anchorpoint is a partnership between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, making it one of the first major institutions to participate in Hong Kong’s regulated digital asset market.

Oversight and enforcement standards

In Hong Kong, companies issuing stablecoins pegged to traditional currencies need permission from the financial regulator, the HKMA. They also have to follow tough rules about holding enough reserves, ensuring people can easily redeem their stablecoins, maintaining good governance, and preventing money laundering.

This framework empowers the regulator to examine potential wrongdoing and take action against companies that don’t follow the rules. This can include penalties like fines, temporary shutdowns, or the cancellation of their licenses.

This launch comes after some earlier setbacks in getting the necessary approvals. Hong Kong Monetary Authority (HKMA) CEO Eddie Yue had mentioned that only a limited number of companies would be granted licenses at first.

With HSBC and Anchorpoint now approved, Hong Kong is poised to see its first officially regulated stablecoins become available, even as officials work to prevent scams and fraud.

Read More

2026-04-29 18:29