Fraudsters have begun promoting fake digital tokens linked to two newly licensed stablecoin issuers in Hong Kong, even though neither firm has launched a product.

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The Hong Kong Monetary Authority, HSBC, and Anchorpoint Financial issued separate warnings on Tuesday. They said tokens using the tickers “HKDAP” and “HSBC” have appeared in the market but are not connected to the licensed entities.

The incident follows Hong Kong’s approval of its first stablecoin issuer licenses under the HKMA framework earlier this month, which was introduced in August last year. The regulator said the approvals marked the first under the regime, with Anchorpoint Financial and HSBC among the first two entities licensed.

No Regulated Stablecoins Issued, HKMA Says

The HKMA said both issuers have confirmed that no regulated stablecoins have been issued to date.

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HSBC said it “has not yet issued any stablecoins in Hong Kong,” adding that its planned Hong Kong dollar-pegged token will be distributed only through official channels, including PayMe and the HSBC HK Mobile App, when launched in the second half of 2026.

LATEST: 🏦 Hong Kong’s central bank has warned that tokens using the tickers “HSBC” and “HKDAP” have no association with HSBC or Anchorpoint Financial. pic.twitter.com/siRtYqdQC6

— CoinMarketCap (@CoinMarketCap) April 29, 2026

Regulator Can Suspend Stablecoin Issuers

Anchorpoint Financial said it has not issued any tokens since receiving its license from the HKMA on April 10 and has not launched any product under the HKDAP name. It urged users to “verify information through official sources” and use only regulated channels.

Under the rules, fiat-referenced stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term issuers must be licensed by the HKMA and meet requirements on reserves, redemption rights, governance, and anti-money laundering controls. The regulator can impose fines, suspend operations, or revoke licenses.