The Hong Kong Monetary Authority made a remarkable statement about regulated stablecoin projects that have not yet been officially launched. The institution stated that tokens named “HKDAP” and “HSBC” are in circulation in the market and that these assets are not affiliated with any licensed institution. In the official statement, it was emphasized that these tokens were not issued by a legally approved organization and investors should be careful about this.
Legal Stablecoin Not Launched Yet
The Hong Kong Monetary Authority recently issued the first stablecoin licenses under the Stablecoin Act, which will come into force in August 2025. Among the selected applicants were HSBC and an entity led by Standard Chartered. This choice reflects the current monetary system in the city, where only certain large banks can print paper money, bringing it into the realm of digital assets.
According to statements from the candidates, no stablecoin has been officially issued yet. However, the existence of relevant named tokens in the market shows that some groups are trying to use the opportunity illegally.
Warning Against Fake Tokens
Authorities urged investors to be wary of fraud attempts. The Hong Kong Monetary Authority advised citizens to only heed official statements and not make transactions outside of regulated platforms. Especially recently, the rapid spread of fake tokens on social media and various platforms has caused institutions to be on the alert.
“We advise the public to only follow official communications from licensed institutions and not transact with unverified tokens,” the Hong Kong Monetary Authority said.
Launch Calendar Becomes Clear
Sources close to the matter stated that the launch of official stablecoin projects in Hong Kong is expected to take place during the financial technology week to be held in November. Industry representatives think that Hong Kong will enter a new era in the field of crypto money, as regulated products enter the market after the licenses are announced.
The Hong Kong Monetary Authority is the main institution regulating financial markets in the region. The institution closely monitors illegal activities in the cryptocurrency industry and regularly informs market players.
By granting only approved organizations the authority to issue stablecoins within the scope of the law, it is aimed to reduce the risks that may arise against investors. However, it has become official that currently no licensed stablecoin has been implemented.
According to experts, Hong Kong is expected to take a more influential position in the global stablecoin market with new regulations. Yet fake digital assets and scams continue to dominate market confidence.
These developments once again brought to the agenda the importance of regulation and public information, especially in digital assets.
