- Hong Kong‘s CMU central securities depository will launch a digital asset platform this year to support digital bond issuance and settlement.
- The first stablecoin licenses from Hong Kong regulators are confirmed to be issued next month.
- Hong Kong will continue its grant scheme to support digital bonds and plans more regular issuance of digital government bonds.
- The government plans to clarify regulations for using distributed ledgers as debenture holder registries and will support digital bearer bonds.
During his budget speech today, Hong Kong Financial Secretary Paul Chan outlined ambitious plans to cement the city’s status as a global digital asset hub. He confirmed that the Hong Kong Monetary Authority’s (HKMA) CMU will establish its own digital asset platform in 2025 to support digital bond issuance and settlement. Consequently, this platform will later expand to other digital assets and connect with other regional tokenization platforms.
Chan also announced that the first stablecoin licenses will be issued next month. Meanwhile, he reaffirmed support for digital bonds through an existing grant scheme, following a year where Hong Kong was the global leader in digital bond issuance. Most previous issuances have utilized the HSBC Orion platform, which is already integrated with the CMU.
The Financial Secretary further detailed regulatory plans to clarify the use of distributed ledger technology for maintaining debenture holder registries. This move aims to enhance the efficiency of the asset management market. Additionally, the government plans to issue digital government bonds on a more regular schedule moving forward.
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