The Hong Kong Financial Authority (HKMA) warned buyers it has not authorized any stablecoin issuers, labeling the advertising and marketing of such merchandise as unlawful, the SCMP experiences.
The assertion got here after Hong Kong-based AnchorX introduced the introduction of AxCNH, a stablecoin pegged to the offshore Chinese language yuan. The corporate mentioned it held a license from Kazakhstan’s Astana Monetary Companies Authority and that the coin would help cross-border funds and tokenized real-world property, in response to the SCMP.
In a press release on its official WeChat channel, the HKMA mentioned no entity had been licensed to challenge stablecoins within the metropolis and suggested the general public to stay cautious.
This marks the primary check of Hong Kong’s new stablecoin guidelines, which got here into impact in August. Below the regime, stablecoin issuers should meet stringent requirements round licensing, capital, and governance.
The timing of the warning is notable. China’s personal securities regulator not too long ago urged brokerages to pause real-world asset (RWA) tokenization exercise in Hong Kong, citing danger administration issues.