Hong Kong Monetary Authority Warns Investors on Unapproved Stablecoin Issuers

The Hong Kong Monetary Authority (HKMA) has issued a warning that no stablecoin issuers have been approved in the region, identifying marketing of these products as illegal.
This announcement follows AnchorX's introduction of AxCNH, a stablecoin pegged to the offshore Chinese yuan. Although AnchorX holds a license from Kazakhstan’s Astana Financial Services Authority, it is not approved by HKMA.
HKMA emphasized on its WeChat channel that no entity is licensed to issue stablecoins in Hong Kong and advised caution to the public.
This situation tests Hong Kong’s new stablecoin rules, effective from August, requiring issuers to adhere to strict licensing, capital, and governance standards.
China's securities regulator has recently advised brokerages to halt real-world asset tokenization activities in Hong Kong due to risk management issues.