- Hong Kong will launch a new digital asset platform in 2026 for issuing and settling tokenized bonds.
- The city will issue its first batch of fiat-referenced stablecoin licenses in March 2026.
- The government will introduce a bill to license crypto trading and custody service providers.
- These moves aim to integrate digital assets into Hong Kong’s core financial infrastructure.
In a major move to digitize its capital markets, Hong Kong announced it will establish a new digital asset platform this year for tokenized bond issuance and settlement. Financial Secretary Paul Chan revealed this initiative in the 2026-27 Budget speech, signaling a strategic push beyond pilot programs toward integrated market infrastructure.
The new platform will be built by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA). This system is also planned for connection with other regional tokenization platforms, consolidating the city’s role in digital finance development.
Consequently, this integrates tokenized bond settlement directly within the HKMA’s post-trade infrastructure. Hong Kong has already demonstrated strong progress, including a $1.28 billion issuance of tokenized government bonds in late 2025.
Meanwhile, Chan confirmed plans to issue the first batch of fiat-referenced stablecoin licenses in March. “Initial approvals expected to be limited,” he said, mirroring a recent statement by HKMA Chief Executive Eddie Yue.
The government will additionally introduce a bill to establish licensing regimes for digital asset dealing and custodial services. Furthermore, Hong Kong will amend tax laws to implement the global Crypto-Asset Reporting Framework (CARF) for enhanced transparency.
This infrastructure push builds on recent regulatory efforts to expand market liquidity. For instance, the Securities and Futures Commission recently allowed licensed brokers to offer digital asset margin financing.
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