{
    "id": 49218,
    "date": "2025-09-25T18:08:25",
    "date_gmt": "2025-09-25T11:08:25",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/hong-kong-monetary-authority-warns-against-unregulated-stablecoin-issuance\/"
    },
    "modified": "2025-09-25T18:08:25",
    "modified_gmt": "2025-09-25T11:08:25",
    "slug": "hong-kong-monetary-authority-warns-against-unregulated-stablecoin-issuance",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/hong-kong-monetary-authority-warns-against-unregulated-stablecoin-issuance\/",
    "title": {
        "rendered": "Hong Kong Monetary Authority Warns Against Unregulated Stablecoin Issuance"
    },
    "content": {
        "rendered": "<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>The warning comes after AnchorX, a Hong Kong-based firm, announced a stablecoin called AxCNH, pegged to the offshore Chinese yuan.<\/h2>\n<p><span class> Sep 25, 2025, 9:49\u202fa.m. <\/span><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>The Hong Kong Monetary Authority (HKMA) warned investors it has not approved any stablecoin issuers, labeling the marketing of such products as illegal, the<a href=\"https:\/\/www.scmp.com\/tech\/blockchain\/article\/3326796\/hong-kong-warns-against-unapproved-yuan-stablecoins-amid-crypto-frenzy\" target=\"_blank\"> SCMP reports<\/a>.<\/p>\n<p>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\u2019s Astana Financial Services Authority and that the coin would support cross-border payments and tokenized real-world assets, according to the SCMP.<\/p>\n<p>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.<\/p>\n<p>This marks the first test of Hong Kong\u2019s new stablecoin rules, which <a href=\"http:\/\/www.coindesk.com\/policy\/2025\/08\/01\/hong-kong-s-stablecoin-rules-kick-in-as-it-looks-to-establish-its-crypto-credentials\">came into effect in August<\/a>. Under the regime, stablecoin issuers must meet stringent standards around licensing, capital, and governance.<\/p>\n<p>The timing of the warning is notable. China\u2019s own securities regulator recently urged brokerages to pause real-world asset (RWA) tokenization activity in Hong Kong, citing risk management concerns.<\/p>\n<\/div>\n<div>\n<p><span class>AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to <\/span><a rel=\"noopener noreferrer\" href=\"http:\/\/www.coindesk.com\/ethics\">our standards<\/a>. <span class>For more information, see <\/span><a rel=\"noopener noreferrer\" href=\"http:\/\/www.coindesk.com\/coindesk-news\/2023\/04\/14\/how-coindesk-will-use-generative-ai-tools\">CoinDesk&#8217;s full AI Policy<\/a>.<\/p>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div>\n<p>Australia Looks to Bring Crypto Under Financial Services Framework With New Draft Legislation<\/p>\n<figure><img loading=\"lazy\" alt=\"Australia (CoinDesk Archives)\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F9fd7a8e971f9926b48a0eecdfe5c5b22222be969-1500x1000.jpg%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p>Digital asset platforms (DAPs) and tokenized custody platforms (TCPs) will fall under the same bracket as other financial intermediaries.<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li>The proposal would require crypto firms to hold financial service licenses, effectively bringing them under the wing of the country&#8217;s securities regulator.<\/li>\n<li>Daniel Mulino, assistant treasurer, explained that the plan is to bring crypto under existing financial services rules.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/policy\/2025\/09\/25\/australia-looks-to-bring-crypto-under-financial-services-framework-with-new-draft-legislation\">Read full story<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"#D9D9D9\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"#262626\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>",
        "protected": false
    },
    "excerpt": {
        "rendered": "<p>The warning comes after AnchorX, a Hong Kong-based firm, announced a stablecoin called AxCNH, pegged to the offshore Chinese yuan. [&hellip;]<\/p>",
        "protected": false
    },
    "author": 5,
    "featured_media": 49219,
    "comment_status": "open",
    "ping_status": "open",
    "sticky": false,
    "template": "",
    "format": "standard",
    "meta": {
        "_acf_changed": false,
        "footnotes": ""
    },
    "categories": [
        220
    ],
    "tags": [],
    "class_list": [
        "post-49218",
        "post",
        "type-post",
        "status-publish",
        "format-standard",
        "has-post-thumbnail",
        "hentry",
        "category-tien-dien-tu"
    ],
    "acf": [],
    "_links": {
        "self": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/49218",
                "targetHints": {
                    "allow": [
                        "GET"
                    ]
                }
            }
        ],
        "collection": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts"
            }
        ],
        "about": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/types\/post"
            }
        ],
        "author": [
            {
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/users\/5"
            }
        ],
        "replies": [
            {
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/comments?post=49218"
            }
        ],
        "version-history": [
            {
                "count": 0,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/49218\/revisions"
            }
        ],
        "wp:featuredmedia": [
            {
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media\/49219"
            }
        ],
        "wp:attachment": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media?parent=49218"
            }
        ],
        "wp:term": [
            {
                "taxonomy": "category",
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/categories?post=49218"
            },
            {
                "taxonomy": "post_tag",
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/tags?post=49218"
            }
        ],
        "curies": [
            {
                "name": "wp",
                "href": "https:\/\/api.w.org\/{rel}",
                "templated": true
            }
        ]
    }
}