What To Know:
- Hong Kong Monetary Authority reports a crypto scam website using its logo to push fake CBDC and tax-payment claims.
- Officials confirm the authority never requests transfers or personal account details from the public.
- The warning comes as Hong Kong’s digital asset market expands rapidly, drawing both investors and fraud attempts.
The Hong Kong Monetary Authority has issued a fresh warning after uncovering a fraudulent website impersonating its official platform. The site used the HKMA logo and attempted to push users toward digital currency and cryptocurrency transactions. It went further by presenting a false claim that account holders must pay taxes before withdrawing their funds. The authority confirmed the website has no connection to the HKMA and urged residents to avoid interacting with unknown links that appear to come from financial institutions.
Hong Kong Authority Issues Warning Against Crypto Scam Logos
Officials stressed that the HKMA does not contact citizens to request payments, transfers or personal account details. That includes any outreach involving digital asset accounts or supposed tax obligations. The warning is part of the regulator’s ongoing campaign to reduce rising digital fraud across Hong Kong. The HKMA has already reported this incident to the Hong Kong Police Force. Victims or suspected victims are encouraged to contact the Commercial and Technology Crime Hotline.
The advisory repeated a simple message. Residents should slow down, verify information and remain cautious before sending money for investments or account-related requests. Even small moments of hesitation can prevent major financial losses, especially as cybercrime networks continue to produce increasingly convincing impersonation schemes.
A broader wave of fraud has emerged in recent months. Several regions have experienced similar activity, but Hong Kong’s situation stands out due to the size and sophistication of its digital asset market. Officials across Asia have been tracking scams linked to central bank digital currency announcements, blockchain-based investments and fake government-backed tokens. Each of these schemes uses false authority to build trust and lure victims toward payments or sign-ups.
One of the most prominent recent cases involved false online claims promoting the “National Hong Kong Coin.” The scam used an account posing as Chief Executive John Lee Ka-Chiu. It attempted to convince citizens that a government-backed digital currency was preparing to launch. The approach was simple but effective: combine a high-level official’s identity with a trending digital asset narrative. The Chief Executive’s verified Facebook page publicly confirmed the posts were fabricated and the case was escalated to law enforcement.
Shortly after, legislator Johnny Ng addressed the issue on X. According to Ng, both citizens and Web3 professionals contacted him to verify whether a new digital currency was being built on the Solana blockchain. He dismissed the claims and made clear that the government has no involvement in any such project. His comments reflected a growing need for public clarification as Hong Kong’s digital asset ecosystem expands.
Hong Kong has become one of the region’s most advanced regulated markets for digital assets. The sector has integrated deeply with the traditional financial system. Twenty-two banks now distribute digital asset products. Thirteen offer tokenized securities. Five major banks provide custody services for institutions. These developments have attracted both global and regional firms seeking regulated exposure to cryptocurrencies.
Trading activity has accelerated rapidly. In the first half of 2025, local exchanges recorded HKD 26.1 billion in digital asset transactions, a 233% increase from the previous year. The Securities and Futures Commission has issued nine new Virtual Asset Trading Platform licenses, creating a scalable structure for market growth. These figures show a sector that is expanding in size, complexity and influence.
Despite Mainland China’s continued restrictions on cryptocurrency trading, an estimated 78 million Chinese citizens hold digital assets. That dynamic positions Hong Kong as a major regulated gateway for capital flows into the broader crypto market. Global participation is also rising. Institutional allocations to digital assets have reached 5%, and surveys indicate that nearly 60% of global firms plan to increase their exposure this year.
Also Read: Hong Kong Crypto Regulator: Tokenized Asset Progress Very Slow
