Fake Hong Kong stablecoins start trading as real ones remain absent

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Fake Hong Kong stablecoins start trading as real ones remain absent Tokens using ‘HKDAP’ and ‘HSBC’ tickers are circulating even as the HKMA says no licensed stablecoins have been issued By Sam Reynolds | Edited by Sheldon Reback Apr 29, 2026, 10:06 a.m. Make preferred on Hong Kong (Ryan McManimie/Unsplash What to know : Hong Kong’s central bank warned that tokens using the tickers HKDAP and HSBC are circulating even though no licensed stablecoins have been introduced. The Hong Kong Monetary Authority said the tokens have no connection to authorized issuers, and that licensed applicants have not yet issued any regulated stablecoins. Regulators urged the public to rely only on official communications and regulated channels, as the first Hong Kong dollar stablecoins are expected to debut around the city’s fintech week later this year. Hong Kong’s central bank warned that counterfeit tokens are already exploiting the city’s incoming stablecoin regime, before a single licensed product has even been introduced. In a statement, the Hong Kong Monetary Authority (HKMA) said tokens using the tickers “HKDAP” and “HSBC” are circulating in the market, but have no connection to any authorized issuer. Both licensed stablecoin applicants referenced in related press materials confirmed they have not issued any regulated stablecoins, it said. Earlier this month, the HKMA granted its first stablecoin licenses under the Stablecoins Ordinance, which took effect in August 2025, selecting two groups from a pool of 36 applicants. The choice of HSBC and a Standard Chartered-led entity mirrors Hong Kong’s existing monetary system, where a small group of commercial banks is authorized to issue banknotes. The HKMA urged the public to “stay vigilant against fraudulent activities,” advising users to rely only on official communications from licensees and to transact through regulated channels. Insiders say they expect a launch during Hong Kong's fintech week in November. Hong Kong Stablecoins More For You KuCoin EU hires anti-money laundering talent to appease Austrian regulator By Ian Allison | Edited by Sheldon Reback 43 minutes ago KuCoin was ordered by Austria’s FMA to halt business in the EU because of a shortfall in AML and compliance staff. What to know : KuCoin EU hired AML and legal veteran Carmen Kleinhans as anti-money laundering officer (AMLO). Other senior hires include Austrian compliance veterans Stephan Klinger and Bernd Träxler. KuCoin EU Managing Director Sabina Liu was unable to provide a timeline for when the Austrian regulator would allow the exchange to resume operations. Read full story Latest Crypto News KuCoin EU hires anti-money laundering talent to appease Austrian regulator 43 minutes ago There's a social media groundswell predicting bitcoin above $90,000. That might be a problem. 59 minutes ago Canada proposes ban on crypto ATMs as fraud cases mount 4 hours ago XRP falls to $1.38 after breaking below $1.40 on rising selling pressure 5 hours ago Bitcoin rises to $77,000 ahead of Fed decision as Trump preps for lengthy Hormuz block 5 hours ago Institutional money is coming for bitcoin, but Adam Back says it moves slower than you think 6 hours ago Top Stories Paul Tudor Jones calls bitcoin the 'best inflation hedge,' warns of overvalued stocks 14 hours ago 'Crypto Godfather' says bitcoin has not reached its bottom and a new all-time high is off the table for 2026 18 hours ago Robinhood stock falls 8% after big earnings miss due to weak crypto trading revenue 13 hours ago Industry leaders are pouring hundreds of millions into a rescue plan for Aave users after massive crypto hack Apr 27, 2026 CFTC's AI will review U.S. crypto registration applications, chairman tells CoinDesk 21 hours ago