Hong Kong’s central financial institution warned that counterfeit tokens are already exploiting town’s incoming stablecoin regime, earlier than a single licensed product has even been launched.
In a press release, the Hong Kong Financial Authority (HKMA) mentioned tokens utilizing the tickers “HKDAP” and “HSBC” are circulating out there, however don’t have any connection to any approved issuer. Each licensed stablecoin candidates referenced in associated press supplies confirmed they haven’t issued any regulated stablecoins, it mentioned.
Earlier this month, the HKMA granted its first stablecoin licenses underneath the Stablecoins Ordinance, which took impact in August 2025, choosing two teams from a pool of 36 candidates. The selection of HSBC and a Normal Chartered-led entity mirrors Hong Kong’s current financial system, the place a small group of business banks is permitted to difficulty banknotes.
The HKMA urged the general public to “keep vigilant in opposition to fraudulent actions,” advising customers to rely solely on official communications from licensees and to transact via regulated channels.
Insiders say they anticipate a launch throughout Hong Kong’s fintech week in November.
