Hong Kong is moving to embed tokenization into its financial backbone, unveiling plans to launch a new digital asset platform this year to support the issuance and settlement of tokenized bonds.
Delivering the 2026–27 budget on Wednesday, Financial Secretary Paul Chan said the platform will be built by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA). The system will initially focus on tokenized bond settlement before being gradually extended to other digital assets.
The #HKTDC welcomes the 2026–27 Budget delivered this morning by the HKSAR Financial Secretary, Paul Chan. The Budget focuses on strengthening #HongKong’s status as an int’l centre for financial, trade, shipping and I&T, while accelerating new industrialisation and digital… pic.twitter.com/Qa3aYAOntU
— HKTDC (@hktdc) February 25, 2026
Chan added that the infrastructure will be linked with regional tokenization platforms, reinforcing Hong Kong’s ambition to position itself as a leading digital asset hub in Asia.
Tokenization moves into core market infrastructure
The initiative marks a shift from experimental pilots to fully integrated market systems. By placing tokenized bond settlement within the HKMA’s post-trade infrastructure, authorities are formalizing blockchain-based issuance as part of mainstream financial operations.
Hong Kong has already completed multiple tokenized government bond issuances. According to Chan, the city issued its third batch in the fourth quarter of 2025, raising 10 billion Hong Kong dollars ($1.28 billion). The government plans to make such issuances a regular feature going forward.
Stablecoin licensing and broader regulatory push
Beyond tokenized bonds, regulators are accelerating oversight of the wider digital asset sector. Chan confirmed that Hong Kong expects to grant its first batch of fiat-referenced stablecoin licenses in March, with approvals likely to be limited at the outset.
Earlier this month, HKMA Chief Executive Eddie Yue said applications are being assessed based on use cases, risk management standards, Anti-Money Laundering controls and asset backing requirements.
The government will also introduce legislation to establish licensing regimes for digital asset dealers and custodians, while amending the Inland Revenue Ordinance to adopt the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework.
Recent steps by the Securities and Futures Commission to permit digital asset margin financing and outline rules for crypto perpetual contracts further underscore the city’s strategy: expand market access, but within a tightly regulated framework.
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