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.
Provenance & status
- Byline
- OceanAlt Editorial
- First published
- 2026-07-26
- Last updated
- 2026-08-14
- Source material
- Source not labeled
Related reading
Paste a payee address before you pay and see whether it's on a sanctions list, through a mixer, or tagged for fraud.
This judgement can sit inside your own product
One line of code; it touches neither your CSS nor your JS. The same pre-settlement judgement can appear in your articles, on your wallet's confirmation screen, or as an endpoint your agent calls before it pays.