Hong Kong’s stablecoin rollout is already facing a fraud test after the Hong Kong Monetary Authority warned that tokens using the tickers “HKDAP” and “HSBC” have appeared in the market despite not being issued by licensed stablecoin issuers.
The warning matters because Hong Kong has only just moved into the licensed-stablecoin phase of its digital-asset framework. Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited received the city’s first stablecoin issuer licences earlier this month, but the regulator said both licensees confirmed that they have not issued any regulated stablecoins in the market.
That gap creates a clear opening for opportunistic token issuers. Fraudulent tokens can borrow familiar names, tickers, and bank-linked narratives before official products are live, then rely on market confusion to attract buyers. In this case, the fake-token risk is sharper because HKDAP is connected to Anchorpoint’s planned Hong Kong dollar stablecoin branding, while HSBC is one of Hong Kong’s most recognizable banking names.
Hong Kong’s licensed stablecoin issuer register currently lists two approved firms: Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. Both licences took effect on April 10, with Anchorpoint holding licence FRS01 and HSBC holding licence FRS02.
That licensing milestone does not mean live stablecoins are already circulating. The HKMA’s latest warning makes that distinction explicit: the licensees are approved, but no regulated stablecoins from those issuers have been launched in the market yet.
This is the key point for investors and exchanges. A token using an expected ticker is not the same as a licensed stablecoin. A project name, bank name, or Hong Kong dollar theme does not prove that the token is regulated, backed, redeemable, or connected to an approved issuer.
Anchorpoint is especially important to the warning because its planned stablecoin name is already public. Standard Chartered said Anchorpoint intends to develop a regulated Hong Kong dollar-backed stablecoin called HKDAP after receiving one of the first licences under the Stablecoins Ordinance.
That public roadmap creates a branding target before the token itself is live. Scammers can exploit anticipation by launching lookalike assets that appear to front-run an expected official release. The risk is not only that users buy a fake token. It is that early confusion could weaken trust in Hong Kong’s stablecoin framework before regulated products reach the market.
HSBC faces a similar issue from the opposite direction. Its name alone carries enough recognition to make a fake “HSBC” ticker look credible to retail users who do not check issuer registers, official bank alerts, or regulatory notices before buying.
Hong Kong’s stablecoin regime was built to bring fiat-referenced stablecoins under a licensing framework covering reserves, redemption, risk controls, and supervision. The HKMA’s stablecoin issuer framework now gives licensed issuers a formal route to operate, while the Stablecoins Ordinance sets the legal base for regulated stablecoin activity.
The fake HKDAP and HSBC tokens show why the transition period is delicate. Regulation can define who is allowed to issue stablecoins, but markets can still list or circulate unrelated tokens before official launches. That creates a timing problem where licensing news becomes a scam catalyst unless users, exchanges, wallets, and data platforms treat issuer verification as the first check.
The early licensing phase also puts pressure on communication. Official issuers need clear launch timelines, official contract addresses when products go live, and visible public notices that help users separate regulated tokens from impostors.
The immediate risk is simple: users may assume a token is legitimate because its ticker matches an expected Hong Kong stablecoin brand. That is exactly the wrong shortcut in a market where anyone can create a token symbol.
Until Anchorpoint or HSBC officially launch a regulated stablecoin, users should treat any circulating HKDAP or HSBC stablecoin as unverified. The safer route is to check the HKMA register, issuer announcements, bank alerts, and official contract details before interacting with any token claiming a Hong Kong dollar stablecoin link.
The broader story is bigger than two tickers. Hong Kong is trying to build one of the world’s more tightly supervised stablecoin markets, but the first wave of fake tokens shows that regulation and enforcement will have to move as quickly as branding scams. The city’s stablecoin framework may be live, but market trust will depend on clean issuance, clear verification, and fast action when impostor tokens appear.
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