Hong Kong Monetary Authority (HKMA) warned investors that it has not approved any stableecoin issuers who feel the marketing of such products as illegal, SCMP reports.
The statement came after Hong Kong-based Anchorx announced the introduction of Axcnh, a stableecoin tied to the offshore Chinese yuan. The company said it had a license from Kazakhstan’s Astana Financial Services Authority and that the coin would support cross -border payments and tokenized assets in the real world, according to SCMP.
In a statement of its official WeChat channel, HKMA said no device 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 that came into force in August. According to the regime, stablecoin issuers must meet strict standards regarding license, capital and governance.
The time of the warning is remarkable. China’s own securities regulator recently called on brokers to Pause Real-World Asset (RWA) Tokenization Activity in Hong Kong with reference to the concerns of risk management.
