Hong Kong plans to launch a new digital asset platform this year to support the issuance and settlement of tokenized bonds, as authorities move to shift tokenization from experimental pilots into core financial market infrastructure.
In his 2026–27 budget address on Wednesday, Financial Secretary Paul Chan said CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority, will develop the platform and later expand it to cover other digital assets.
The system will also be connected to regional tokenization platforms. Chan said the infrastructure would be “gradually extended to other digital assets and linked with other tokenisation platforms in the region,” reinforcing Hong Kong’s ambition to strengthen its position in digital asset innovation.
The initiative integrates tokenized bond settlement into the HKMA’s post-trade framework, marking a step beyond standalone pilot issuances toward a more comprehensive market system.
Hong Kong has already completed multiple tokenized government bond offerings. Chan noted that the third batch, issued in the fourth quarter of 2025, raised 10 billion Hong Kong dollars (about $1.28 billion). He added that the government plans to continue issuing tokenized bonds on a regular basis.
Stablecoin licensing and broader regulatory framework
Paul Chan said Hong Kong plans to issue its first batch of licenses for fiat-referenced stablecoin issuers in March, with approvals initially expected to be limited in number. He added that authorities will support licensed issuers in developing practical applications in a compliant and risk-controlled manner.
Earlier this month, Eddie Yue, chief executive of the Hong Kong Monetary Authority, confirmed that the regulator is preparing to grant its first stablecoin licenses in March. He said assessments are focused on proposed use cases, risk management frameworks, Anti-Money Laundering controls and the adequacy of asset backing.
Chan also announced plans to introduce legislation establishing licensing regimes for digital asset dealers and custodians. In addition, the government intends to amend the Inland Revenue Ordinance to implement the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, aligning the city with international tax transparency standards.
Liquidity push builds on earlier initiatives
The new infrastructure measures build on recent steps to expand Hong Kong’s regulated digital asset market.
On Feb. 11, the Securities and Futures Commission allowed licensed brokers to provide digital asset margin financing and introduced a framework for offering crypto perpetual contracts to professional investors.
Regulators said the moves are designed to enhance market liquidity while maintaining appropriate risk controls. The proposals outlined in the 2026–27 budget extend that strategy by embedding tokenized bond issuance and settlement within Hong Kong’s core financial infrastructure.
