The Hong Kong Monetary Authority (HKMA) has issued warnings about fraudulent stablecoin tokens exploiting the city’s nascent regulatory framework, despite no official products yet being introduced. According to a statement by HKMA, tokens labeled as “HKDAP” and “HSBC” are circulating without any legitimate backing or connection to authorized issuers. Both HSBC and another applicant confirmed they have not released any regulated stablecoins, the authority added.
Earlier in the month, the HKMA announced its first set of licenses under the Stablecoins Ordinance, which was enacted in August 2025. From a group of 36 contenders, two were selected: one involving HSBC and another led by Standard Chartered, reflecting Hong Kong’s conventional monetary system where only select banks are permitted to issue banknotes.
HKMA has advised the public to be cautious of scams and to ensure all transactions occur via officially recognized channels. It emphasized using only communications from sanctioned licensees for verification. Industry insiders anticipate an official launch during Hong Kong’s fintech week in November.