The Hong Kong Monetary Authority (HKMA) released an official announcement on April 28, stating that there are tokens using the codes “HKDAP” or “HSBC” in the market. The aforementioned tokens are not issued by licensed stablecoin issuers, and they have no association with the relevant licensed issuers. According to the HKMA announcement issued the same day, two licensed stablecoin issuers—Tinkoff Finance Technology Limited and The Hongkong and Shanghai Banking Corporation Limited—have both stated that they have not issued any regulated stablecoins.
Key points of the HKMA announcement
According to the HKMA official announcement dated April 28, 2026, there are tokens in the market using the codes “HKDAP” and “HSBC”. The HKMA clearly stated that the aforementioned tokens are not issued by licensed stablecoin issuers and have no relationship with the relevant licensed issuers.
The HKMA’s announcement calls on the public to remain vigilant against any fraudulent activities or scams that claim to be related to licensed parties or the stablecoins issued by them.
Statements from the two major licensed issuers
According to the HKMA announcement dated April 28, 2026, the licensed stablecoin issuers Tinkoff Finance Technology Limited and The Hongkong and Shanghai Banking Corporation Limited have both issued statements regarding the above situation, confirming that as of the date of the announcement, neither of the two institutions has issued any regulated stablecoins into the market. The HKMA calls on the public to pay attention to the official statements issued by the two licensed parties mentioned above.
HKMA advice to the public
According to the HKMA official announcement dated April 28, 2026, if the public has any doubts about the relevant tokens, they should refer directly to the official announcements of Tinkoff Finance Technology Limited and The Hongkong and Shanghai Banking Corporation Limited. The HKMA also advises the public to purchase or use stablecoins through regulated channels.
Frequently Asked Questions
Are the tokens with the HKDAP and HSBC codes in the market issued by licensed entities?
According to the HKMA official announcement dated April 28, 2026, the tokens coded “HKDAP” and “HSBC” are not issued by licensed stablecoin issuers and have no association with the relevant licensed parties.
Have Tinkoff Finance Technology and The Hongkong and Shanghai Banking Corporation issued any regulated stablecoins at present?
According to the HKMA’s April 28 announcement, both licensed stablecoin issuers have confirmed that, as of the date of the announcement, they have not issued any regulated stablecoins into the market.
How can the public verify the legality of stablecoins?
According to the HKMA’s April 28 official announcement, the public should refer directly to the official announcements of Tinkoff Finance Technology Limited and The Hongkong and Shanghai Banking Corporation Limited, and purchase or use stablecoins through regulated channels.
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