Hong Kong Monetary Authority (HKMA) Warns Against Unregulated Stablecoin Issuance

The Hong Kong Monetary Authority (HKMA) has issued a warning to investors regarding the marketing of stablecoin products in the city. The HKMA stated that no entity has been licensed to issue stablecoins in Hong Kong, emphasizing that the promotion of such products is illegal.

This cautionary statement from the HKMA comes after Hong Kong-based AnchorX introduced AxCNH, a stablecoin tied to the offshore Chinese yuan. AnchorX claimed to have obtained a license from Kazakhstan’s Astana Financial Services Authority and mentioned that the stablecoin would facilitate cross-border payments and tokenize real-world assets.

The HKMA’s announcement serves as the first test of Hong Kong’s new stablecoin regulations, which were implemented in August. These regulations impose strict criteria on stablecoin issuers, including requirements related to licensing, capital, and governance.

The timing of the HKMA’s warning is significant, as China’s securities regulator recently advised brokerages to halt real-world asset (RWA) tokenization activities in Hong Kong due to risk management concerns.

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