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Tokens utilizing ‘HKDAP’ and ‘HSBC’ tickers are circulating adjacent arsenic the HKMA says nary licensed stablecoins person been issued
Apr 29, 2026, 10:06 a.m.
Hong Kong’s cardinal slope warned that counterfeit tokens are already exploiting the city’s incoming stablecoin regime, earlier a azygous licensed merchandise has adjacent been introduced.
In a statement, the Hong Kong Monetary Authority (HKMA) said tokens utilizing the tickers “HKDAP” and “HSBC” are circulating successful the market, but person nary transportation to immoderate authorized issuer. Both licensed stablecoin applicants referenced successful related property materials confirmed they person not issued immoderate regulated stablecoins, it said.
Earlier this month, the HKMA granted its archetypal stablecoin licenses under the Stablecoins Ordinance, which took effect successful August 2025, selecting 2 groups from a excavation of 36 applicants. The prime of HSBC and a Standard Chartered-led entity mirrors Hong Kong’s existing monetary system, wherever a tiny radical of commercialized banks is authorized to contented banknotes.
The HKMA urged the nationalist to “stay vigilant against fraudulent activities,” advising users to trust lone connected authoritative communications from licensees and to transact done regulated channels.
Insiders accidental they expect a motorboat during Hong Kong's fintech week successful November.
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