HKMA Warns: Counterfeit HSBC and 'HKDAP' Tokens Exploit Stablecoin Pilot Scams

Hong Kong Monetary Authority (HKMA) issued a public warning, pointing out that some projects are promoting fake tokens under the guise of HSBC and "HKDAP". These projects impersonate licensed institutions, exploiting the window period of Hong Kong's advancement of stablecoin legislation and regulatory sandbox to mislead investors. HKMA clearly stated that neither HSBC nor HKDAP has authorized any third party to issue tokens, reminding the public not to provide personal information or funds to suspicious platforms.

Previously, the Hong Kong SAR government has released a draft regulatory framework for stablecoin issuers and launched a sandbox trial. This warning reflects the authorities' efforts to strike a balance between encouraging innovation and preventing fraud.