- The Hong Kong Monetary Authority said investors should be cautious because two stablecoins, including HSBC and HKDAP, are unrelated to officially licensed issuers.
- The Hong Kong Monetary Authority said investors should watch for stablecoin fraud schemes that appear to be tied to authorized businesses.
- HSBC and Anchorpoint Financial said they have not yet issued stablecoins in Hong Kong and plan launches in phases starting in the second quarter and the second half of this year.
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Hong Kong’s monetary authority warned investors against stablecoins falsely claiming links to HSBC and HKDAP.
The Hong Kong Monetary Authority said in a statement on April 28 that the two stablecoins have no connection to any officially licensed stablecoin issuer in the city, The Block reported. The regulator added that investors should be alert to fraudulent stablecoin schemes that appear to be tied to authorized firms.
HSBC and Anchorpoint Financial issued separate statements the same day denying any involvement with the tokens. Neither company has issued a stablecoin in Hong Kong yet.
Earlier this month, the HKMA granted Hong Kong’s first stablecoin licenses to HSBC and Anchorpoint Financial. Anchorpoint Financial is a joint venture of Standard Chartered, Animoca Brands and Hong Kong Telecommunications.
HSBC plans to launch a Hong Kong dollar-backed stablecoin in the second half of this year. Anchorpoint Financial plans a phased rollout starting in the second quarter.