Hong Kong Monetary Authority (HKMA) warned investors that it had not approved any stable issuer, labeling the marketing of products such as illegal, reports the SCMP.
The declaration made after Anchorx, based in Hong Kong, announced the introduction of AXCNH, a stablecoin fixed to the Chinese offshore yuan. The company said it had a license from Astana Financial Services Authority in Kazakhstan and that the medal would support cross -border payments and real assets to the tokenized, according to the SCMP.
In a statement on its official WeChat chain, the HKMA said that no entity had been authorized to issue stablecoins in the city and advised the public to remain cautious.
This marks the first test of the new Hong Kong Stablecoin rules, which entered into force in August. According to the regime, stablecoin issuers must comply with strict standards for licenses, capital and governance.
The time of the warning is notable. China’s own securities regulator recently urged brokerage houses Pause tokenization of real assets (RWA) Activity in Hong Kong, citing risk management problems.
