According to CoinMeta, blockchain security firm blocksec reviewed the Ethereum mainnet contract of Hong Kong-licensed Hong Kong dollar stablecoin hkdap and identified several security and compliance issues. These include an ineffective KYC cancellation logic, KYC and proof that were not actually verified on-chain, as well as excessive concentration of high-risk permissions in a single entity. blocksec pointed out that operations such as issuance, freezing, suspension, and forced destruction of hkdap could be carried out by a single individual, and that the governance process lacked a time lock mechanism. The firm believed that this design was inconsistent with the regulatory guidelines issued by the Hong Kong Monetary Authority regarding the separation of responsibilities for high-risk operations. hkdap was issued by a consortium consisting of Standard Chartered Hong Kong, HKT, and Animoca Brands; Anchorpoint is one of the first two licensed stablecoin issuers in Hong Kong.