May 01, 2026
By Shubhii Verma
The Hong Kong Monetary Authority (HKMA) has warned the public about fake digital tokens being circulated under the names “HKDAP” and “HSBC.” The regulator clarified that these tokens have no connection to any officially licensed stablecoin issuers in Hong Kong.
In a statement released on Tuesday, the HKMA urged people to be careful and watch out for scams that claim to be linked to licensed stablecoin projects. On the same day, both HSBC and Anchorpoint Financial also released separate statements confirming that they have not launched any stablecoins in Hong Kong yet.
The warning comes shortly after a major step forward in Hong Kong’s stablecoin regulations. Earlier this month, the HKMA granted the city’s first stablecoin issuer licences to HSBC and Anchorpoint Financial. Anchorpoint is a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications. Because of the attention around these licence approvals, scammers appear to be taking advantage of the situation by creating fake tokens using similar names to those planned by the licensed firms.
HSBC has already shared its future plans, stating that it intends to launch a Hong Kong dollar-backed stablecoin in the second half of 2026. This stablecoin is expected to be made available through the PayMe app and the HSBC Hong Kong mobile banking app. Anchorpoint has also announced plans to roll out its HKDAP stablecoin in phases, starting from the second quarter of this year. However, both companies stressed that no official tokens have been released so far.
The HKMA did not specify where these fake tokens are being traded or how widely they have spread. The regulator also did not provide details on whether any legal or enforcement action has been taken yet. Still, the warning highlights the risks that can arise when public interest grows around new digital asset projects, especially before official products are launched.
Hong Kong has been working on building a clear and regulated environment for stablecoins and digital assets since announcing its broader crypto strategy in 2022. In 2024, authorities introduced a regulatory sandbox that allowed potential issuers to test their stablecoin models under supervision before applying for a licence.
The new stablecoin licensing system is part of Hong Kong’s wider effort to position itself as a trusted and regulated hub for digital assets in Asia. Alongside rules for crypto exchanges and fiat-backed tokens, the framework aims to create a safer environment for both companies and investors.
