The stablecoin license has just been issued. The Hong Kong Monetary Authority warns: scams impersonating HSBC and issuing tokens!

Hong Kong’s first batch of stablecoin issuer licensing 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 were the first to obtain them, but just as everyone was waiting with bated breath, scam groups had already gone into action. 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 be more vigilant.

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

The HKMA noted that HSBC Bank and Anchorpoint Financial have both stated that they have not issued any regulated stablecoins, and therefore urged the public to remain alert to prevent any fraud and scams that falsely borrow the names of licensed institutions or falsely claim to be related to their stablecoins.

At the same time, 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, and that it will be provided via PayMe and HSBC Hong Kong’s mobile wealth management app; meanwhile, Anchorpoint Financial previously revealed that it expects to start rolling out its own stablecoin “HKDAP” in phases starting from the second quarter of this year.

BlockBeats previously reported that “Anchorpoint Financial (Anchorpoint Financial)” is a joint venture established by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Hong Kong Web3 company Animoca Brands (Animoca Brands), with the aim 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 worked together to participate in the stablecoin issuer “Sandbox” launched by the HKMA, jointly exploring how stablecoins can play a key role in the development of the financial and payments markets by integrating Web3 with traditional finance, thereby strengthening Hong Kong’s role 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