Hong Kong Warns of Fake HSBC Tokens Ahead of Stablecoin Launch

• Hong Kong’s HKMA warned that fake HSBC and HKDAP tokens are not linked to licensed issuers.
• HSBC and Anchorpoint confirmed that no regulated stablecoins are currently live.
• Hong Kong’s stablecoin regime faces an early test from token impersonation risks.

Hong Kong’s financial regulator has warned the public that fake tokens using the “HSBC” and “HKDAP” tickers are not linked to approved stablecoin issuers. According to an April 28 report, the Hong Kong Monetary Authority (HKMA) acknowledged that neither Anchorpoint Financial Limited nor The Hongkong and Shanghai Banking Corporation Limited had issued any regulated stablecoin.

The alert came before HSBC’s planned official stablecoin launch later in 2026. Consequently, the authority urged the public to watch for scams that claim links to approved firms or their planned digital currency products.

The regulator also advised users to rely only on official announcements and regulated channels when acquiring or using stablecoins. The warning reflects early enforcement pressure around Hong Kong’s new licensing framework for digital assets.

Fake Tokens Raise Investor Protection Concerns

Per reports, the fake “HSBC” token could confuse retail users who expect the bank’s official stablecoin to launch later in 2026. Initially, HSBC had said it plans to issue a Hong Kong dollar-denominated token in the second half of the year.

The bank had also noted that the product will be fully backed by high-quality liquid assets held in segregated accounts. It plans to meet financial crime compliance standards and integrate the token into PayMe and the HSBC HK Mobile Banking App for payments and tokenized investment use cases.

The “HKDAP” and “HSBC” tickers, however, appear to target Anchorpoint’s and HSBC’s expected stablecoin brands, raising similar concerns about impersonation and consumer risk.

Hong Kong’s Stablecoin Licensing Regime Faces Early Test

Notably, Hong Kong granted its first stablecoin issuer licenses to HSBC and Anchorpoint on April 10 under the Stablecoins Ordinance. Anchorpoint is a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.

The approval marked a major step in Hong Kong’s plan to build a regulated stablecoin market while limiting financial crime and investor harm. The HKMA’s latest warning reinforces that goal, showing that regulators are moving quickly to protect public trust in the new licensing regime.

For the public, the message remains clear: no regulated HSBC or Anchorpoint stablecoin is currently live, and any token claiming otherwise should be treated with caution.

Related: Hong Kong Issues First Stablecoin Licenses to HSBC and Anchorpoint