STABLECOINS | Fake Unregulated Stablecoins Are Already Trading in Hong Kong Post-Licensing

Counterfeit cryptocurrencies are already circulating in Hong Kong even as the city’s first regulated stablecoins have yet to launch, regulators warned this week.

The Hong Kong Monetary Authority (HKMA) said tokens using tickers such as “HKDAP” and “HSBC” are being marketed as if they are linked to licensed issuers, despite no approved stablecoins currently in circulation.

The warning comes as Hong Kong rolls out its new stablecoin regime, introduced in 2025, with authorities aiming to position the city as a regulated hub for digital assets. While licenses have been granted to select applicants, none of the approved entities have issued live products yet creating a gap that fraudulent actors appear to be exploiting.

Both firms referenced in promotional materials tied to the fake tokens have publicly stated they have not launched any stablecoins, the HKMA said, urging investors to rely only on official communications and regulated channels.

The regulator warned the public to remain vigilant against scams highlighting the risks of premature market activity ahead of official launches. Industry participants expect the first compliant Hong Kong dollar-backed stablecoins to go live later in 2026, potentially around a major fintech event, likely the Hong Kong fintech week in November 2026.

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