Poly Group Denies HK Stablecoin Links, Warns of Crypto Scams
State-owned Poly Group has officially denied any involvement in Hong Kong stablecoin schemes, clarifying that neither it nor subsidiaries—Poly Digital Industry Group Ltd, Poly Digital Asset Ltd and Poly Digital Asset Issuance Ltd—hold equity or business ties with the alleged entities. Poly Group urged traders to verify information through official channels and report suspicious crypto scams.
The clarification follows a spike in crypto crime, including over $2.8 billion in North Korean hacker thefts and complex money-laundering networks. At the same time, Hong Kong’s newly implemented Stablecoins Ordinance and a dedicated virtual assets intelligence unit are strengthening regulatory oversight.
Crypto traders should remain vigilant, prioritise compliant platforms and consult official sources when evaluating stablecoin investments to protect assets and avoid fraud.
Neutral
Poly Group’s denial of stablecoin involvement and warning on crypto scams is unlikely to alter stablecoin valuations significantly. In the short term, traders may reduce exposure to unverified projects falsely claiming state backing, leading to minor shifts away from dubious tokens. Over the long term, Hong Kong’s reinforced regulatory framework under the Stablecoins Ordinance and intelligence unit may boost confidence in compliant stablecoins, supporting market stability. Overall, the impact on stablecoin prices remains neutral as the clarification resolves rumors without affecting legitimate offerings.