Fake Hong Kong stablecoins start trading as real ones remain absent
CoinDesk
Counterfeit tokens using 'HKDAP' and 'HSBC' tickers are trading in Hong Kong before any licensed stablecoins are available.Summary
The Hong Kong Monetary Authority (HKMA) has warned that fraudulent stablecoin tokens are already circulating in the market, using tickers like 'HKDAP' and 'HSBC', despite no licensed stablecoins having been issued yet. The HKMA clarified that these tokens have no affiliation with any authorized issuers and urged the public to exercise vigilance against such scams. This warning comes after the HKMA granted its first stablecoin licenses earlier this month under the Stablecoins Ordinance, with expected launches anticipated during Hong Kong's fintech week in November. The authority advises the public to rely solely on official communications from licensees and to conduct transactions through regulated channels.
(Source：CoinDesk)