Hong Kong HKMA Warns of Fake HKDAP and HSBC Tokens in Market

The Hong Kong Monetary Authority (HKMA) on Tuesday warned the public about fake tokens circulating in the market under names linked to the region’s only two licensed stablecoin issuers, HSBC and Anchorpoint Financial.

In a statement released April 28, the de facto central bank said that tokens with tickers “HKDAP” and “HSBC” have emerged but are not issued by or associated with any licensed stablecoin issuer in Hong Kong.

“Members of the public should stay vigilant against fraudulent activities or scams that are purported to be associated with the licensees or their stablecoin issuance,” the HKMA said in the release.

Both licenses deny any connection

HSBC and Anchorpoint Financial both issued separate statements distancing themselves from the fraudulent tokens.

In its own statement, HSBC confirmed it has not yet issued any stablecoins in Hong Kong. The bank said it plans to launch a Hong Kong dollar-denominated stablecoin in the second half of this year under its newly granted licence. When it does go live, the stablecoin will only be available through PayMe and the HSBC HK Mobile App.

HSBC also urged customers to visit its cybersecurity and fraud hub and the Hong Kong government’s Anti-Deception Coordination Centre report for fraud-prevention tips. The bank directed anyone with concerns to call its personal customer service hotline at 2233 3000 and to report the matter to the police.

Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, also released a notice alerting the public about the fake “HKDAP” tokens. The company has previously said it aims to launch its HKDAP stablecoin in phases starting in the second quarter of this year.

Scams follow weeks after first licences were granted

The fraudulent tokens have surfaced less than three weeks after the HKMA granted its first stablecoin issuer licences on April 10. That decision marked a significant step in Hong Kong’s push to build a regulated digital asset ecosystem, with HSBC and Anchorpoint selected from a pool of 36 applicants under the Stablecoins Ordinance.

Neither licensee has gone live yet. Both are still completing the system testing, operational setup, and compliance checks required before a public launch.

The speed at which scammers moved to exploit the newly licensed names highlights a recurring problem in crypto markets. Bad actors frequently piggyback on legitimate regulatory developments to lend credibility to fraudulent tokens, targeting retail investors who may not verify the source before purchasing.

Hong Kong’s broader stablecoin push

Hong Kong has been building its stablecoin regulatory framework over several years. The government first signaled its crypto strategy in 2022, followed by a licensing regime for crypto exchanges in 2023 and a dedicated stablecoin regulatory framework under the Stablecoins Ordinance that took effect in August 2025.

Before moving to full licensing, the HKMA ran a stablecoin sandbox starting in 2024, allowing potential issuers to test token designs under regulatory supervision. Standard Chartered, Animoca Brands, and Hong Kong Telecommunications were among the participants.

The HKMA has repeatedly emphasized a “same activity, same risks, same regulation” approach, aligning its stablecoin rules with existing financial oversight standards. The regulator has also made it clear that only a limited number of licences will be issued in the initial phase, prioritizing risk management and viable use cases over rapid expansion.

The HKMA’s Tuesday warning serves as a reminder that while Hong Kong’s regulated stablecoin market is taking shape, it has not officially started yet. Until the licensed issuers formally launch, any token claiming association with HSBC or Anchorpoint should be treated with caution.

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