Hong Kong Monetary Authority Warns Against Unregulated Stablecoin Issuance
The Hong Kong Monetary Authority (HKMA) warned investors it has not approved any stablecoin issuers, labeling the marketing of such products as illegal, the SCMP reports.
The statement came after Hong Kong-based AnchorX announced the introduction of AxCNH, a stablecoin pegged to the offshore Chinese yuan. The company said it held a license from Kazakhstan’s Astana Financial Services Authority and that the coin would support cross-border payments and tokenized real-world assets, according to the SCMP.
In a statement on its official WeChat channel, the HKMA said no entity had been licensed to issue stablecoins in the city and advised the public to remain cautious.
This marks the first test of Hong Kong’s new stablecoin rules, which came into effect in August. Under the regime, stablecoin issuers must meet stringent standards around licensing, capital, and governance.
The timing of the warning is notable. China’s own securities regulator recently urged brokerages to pause real-world asset (RWA) tokenization activity in Hong Kong, citing risk management concerns.
US Regulators Recognize XRP’s Non-Security Status in SEC, CFTC Landmark Crypto Rules
XRP gains clearer regulatory footing as U.S. authorities explicitly include it among digital commodities in new SEC guidance,...
Robert Kiyosaki Urges Bitcoin Accumulation Before Bubble Bursts, Predicts BTC ‘to the Stars’
Rising fears of a market rupture are pushing investors toward alternative assets, as Robert Kiyosaki warns a fragile...
Tokenized RWA Market Hits $27B as US Treasury Products Lead Growth
The tokenized real-world asset ( RWA) market pushed past $27 billion in onchain value this week, cementing one...