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Alarm in Hong Kong: Investors warned about unauthorized yuan stablecoins!
Hong Kong warns investors about illegitimate yuan-based stablecoins. Regulation and risks in the booming crypto sector analyzed.
Alarm in Hong Kong: Investors warned about unauthorized yuan stablecoins!
Hong Kong financial regulators issued a warning to investors on October 4, 2025, urging them to be cautious about unauthorized yuan-backed stablecoins. According to the information from Crypto News The Hong Kong Monetary Authority (HKMA) has not yet issued any licenses for stablecoin issuers.
This warning follows the introduction of the stablecoin law, which has increased interest in the digital asset sector. A recent report from the South China Morning Post highlights the HKMA's caution regarding investing in yuan-anchored stablecoins. The authority has clarified that no licenses have been issued to stablecoin issuers to date and strongly refuted social media reports that claimed the official issuance of a yuan-anchored stablecoin under the stablecoin law.
Market development and risks
The effects of the new regulations are already being felt: The Hong Kong-based company AnchorX has introduced an offshore stablecoin called AxCNH, which is pegged to the yuan. AnchorX claims to hold a valid stablecoin license from the Astana Financial Services Authority in Kazakhstan. AxCNH will be used for cross-border payments by Chinese companies abroad and in countries that are part of the Belt and Road Initiative.
The company plans to expand the uses of AxCNH in the field of digital asset trading and tokenization of real-world assets. Nevertheless, the regulatory uncertainties and lack of approvals for stablecoin issuers have led the HKMA to indicate that stablecoin licenses are unlikely to be issued in the current year.
Interested in stablecoin regulation
A significant number of at least 77 institutions have already expressed interest in registering as stablecoin issuers. Those interested include state-owned companies from China, including the China National Petroleum Corporation and the Bank of China. In particular, PetroChina is showing keen interest in using stablecoins for cross-border settlements in the oil and gas sector.
The increasing interest in stablecoins has sparked a market boom in the digital asset sector in Hong Kong. Organizations planning real-world asset tokenization (RWA) projects have come into focus recently, with some companies seeing share prices surge following announcements about stablecoin initiatives.
However, the China Securities Regulatory Commission (CSRC) has reportedly ordered local brokers to halt their tokenization activities in Hong Kong. Two brokerage houses have been advised by the CSRC to stop their RWA activities abroad. Additionally, the Hong Kong Securities and Futures Commission has noted an increase in fraud risks related to digital assets since the stablecoin law came into force.