Hong Kong's Regulatory Framework Challenged by Fake Bank-Branded Stablecoin Scam

The Hong Kong Monetary Authority (HKMA) has warned the public about the emergence of fake HSBC bank stablecoins in the market. These tokens are being promoted as having the backing of the well-established financial institution, but they have not been issued by or associated with any licensed stablecoin issuer.

According to the HKMA, the scammers are using the names and branding of established institutions like HSBC to lend credibility to their tokens. This is a new and potentially more sophisticated type of crypto scam that highlights the need for consumers to be vigilant when dealing with digital assets.

The HKMA had granted licenses to Anchorpoint and HSBC in April 2025, allowing them to issue stablecoins under the Stablecoins Ordinance. However, these tokens have not yet been launched, and the scammers are taking advantage of the gap between the licensing announcement and the actual launch date to promote their fake tokens.