Hong Kong Sees Rise Of Fake Stablecoins

CryptoProwl

Wed, April 29, 2026 astatine 8:50 AM CDT 1 min read

Hong Kong’s cardinal slope has warned of a emergence successful counterfeit oregon fake stablecoins.

The Hong Kong Monetary Authority (HKMA) says criminals are exploiting the city’s incoming stablecoin authorities and notes that morganatic stablecoins person not yet been launched.

In a quality release, the Hong Kong-based regulator said that, to date, nary stablecoins person been issued and the ones disposable for trading are fake and illegal. 

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Earlier successful April, the Hong Kong Monetary Authority granted its archetypal stablecoin licenses, selecting 2 groups from a excavation of 36 applicants. 

The stablecoin licenses were granted to banks HSBC (NYSE: $HSBC) and Standard Chartered (STAN). Neither of those banks has yet to contented a stablecoin for the Hong Kong market. 

The Monetary Authority is urging the nationalist to “stay vigilant against fraudulent activities,” advising users to transact lone done regulated channels.

Analysts accidental that Hong Kong’s archetypal stablecoin is apt to beryllium issued during the city’s fintech week this coming November.