Fake ‘HSBC’ Stablecoins Emerge Before Launch—Hong Kong Issues Warning
Hong Kong’s monetary regulator has warned about pretend tokens claiming to be related to licensed stablecoin issuers HSBC and Anchorpoint.
Both Anchorpoint & HSBC Confirm No Official Stablecoin Launch Yet
The Hong Kong Monetary Authority (HKMA) has posted a notification on its web site warning the general public concerning sure stablecoins floating round that declare to be issued by licensed issuers.
Since the passage of the stablecoin invoice final yr, solely entities which have obtained a license from the HKMA can launch stablecoins in Hong Kong. So far, solely two corporations have been approved by the regulator: The Hongkong and Shanghai Banking Corporation Limited and Anchorpoint Financial Limited.
According to the HKMA, tokens pretending to be issued by these firms have began circulating. “Tokens with tickers “HKDAP” or “HSBC” have been launched, however they don’t seem to be issued by or in any other case related to licensed stablecoin issuers,” famous the monetary regulator.
HSBC confirmed in a press release that the financial institution, which obtained a license earlier this month, hasn’t launched any stablecoin within the Chinese metropolis but. The agency famous that it plans to launch its Hong Kong-dollar denominated stablecoin within the second half of the yr. “At launch, the HSBC issued stablecoin will solely be supplied by way of PayMe and the HSBC HK Mobile App,” added HSBC.
Anchorpoint, which is a three way partnership between Standard Chartered, Hong Kong Telecom, and Animoca Brands, has launched an identical press release, stating that it hasn’t launched any product with the “HKDAP” branding thus far. Anchorpoint didn’t affirm a launch timeframe on this announcement, however an earlier assertion stated that the JV plans a phased launch from the second quarter of the yr.
The HKMA famous:
Members of the general public ought to keep vigilant in opposition to fraudulent actions or scams which might be presupposed to be related to the licensees or their stablecoin issuance.
Before HSBC and Anchorpoint got licenses, the HKMA had revealed that it had obtained a complete of 36 functions, showcasing curiosity from corporations in issuing fiat-tied cryptocurrencies within the area. The regulator ended up going with a cautious strategy, nevertheless, because it offered licenses to simply two of them. Currently, it’s unclear when the remainder of the functions shall be processed.
The stablecoin sector has traditionally been dominated by tokens tied to the United States greenback, so the launch of HKD tokens might probably add a brand new taste to the market this yr.
In Europe, a consortium of main banks can be planning to problem the USD hegemony with its euro-backed token. Initially, the group concerned 9 banks, however over time, it has grown to have twelve members. The consortium intends to launch the coin within the second half of the yr.
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