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 ￰0￱ statement came after Hong Kong-based AnchorX announced the introduction of AxCNH, a stablecoin pegged to the offshore Chinese ￰1￱ 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 ￰2￱ 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 ￰3￱ marks the first test of Hong Kong’s new stablecoin rules, which came into effect in ￰4￱ the regime, stablecoin issuers must meet stringent standards around licensing, capital, and ￰5￱ 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.