HKMA Warns Public About Fake Documents Related to e-HKD and Stablecoins

The Hong Kong Monetary Authority (HKMA) has issued a warning to the public regarding the circulation of fraudulent documents that falsely claim to be endorsed by the HKMA. This announcement comes amidst growing concerns over scams leveraging the authority's name to deceive individuals and businesses.

Fraudulent e-HKD Participation Claims

According to the HKMA, one of the fraudulent documents purports that a firm has been instructed to join the e-HKD Pilot Programme. The document misleadingly states that the firm would distribute funds in the form of e-HKD through its mobile application and issue “e-HKD bank cards” to its shareholders. The HKMA has confirmed that this document is fake and emphasizes that all announcements regarding firms participating in the e-HKD Pilot Programme are made directly by the HKMA. The public is encouraged to verify the list of participating firms on the HKMA website.

Misleading Stablecoins Ordinance Leaflet

In addition to the e-HKD-related forgery, a leaflet featuring the HKMA logo about the Stablecoins Ordinance has been circulating. The HKMA has clarified that it did not issue this leaflet. The authority urges the public to rely on the official HKMA website for accurate information regarding the regulatory framework for stablecoin issuers.

Public Advised to Remain Vigilant

The HKMA advises individuals and organizations who suspect they may have fallen victim to such fraudulent acts to contact the Police or the Commercial Crime Bureau of the Hong Kong Police Force for assistance. Awareness and vigilance are critical as scammers become increasingly sophisticated in their attempts to exploit the trust in financial institutions.

These incidents highlight the necessity for constant vigilance and verification of any documents claiming affiliation with reputable financial authorities. The HKMA continues to monitor the situation and will provide updates as necessary to safeguard the public from fraudulent activities.