Counterfeit stablecoins emerge in Hong Kong ahead of official launch
- The Hong Kong Monetary Authority (HKMA) reported counterfeit tokens labeled “HKDAP” and “HSBC” are circulating without authorization.
- No licensed stablecoins have been issued yet, despite the HKMA granting its first licenses earlier this month.
- The Stablecoins Ordinance took effect in August, with HSBC and a Standard Chartered-led entity selected from a pool of 36 applicants.
- The HKMA advised the public to remain vigilant against fraud and only transact through regulated channels.
- A launch is expected during Hong Kong’s fintech week in November.
As counterfeit tokens exploit the upcoming stablecoin regime, the HKMA emphasizes the importance of official communications from licensed issuers to prevent fraudulent activities.
With no regulated stablecoins currently available, the HKMA’s warning highlights the risks posed by unauthorized tokens like “HKDAP” and “HSBC.” (Source)
