Hong Kong will set up a new digital asset platform this year to support the issuance and settlement of tokenized bonds, as the city pushes to move tokenization from pilot deals into core market infrastructure.
In his 2026-27 budget speech delivered on Wednesday, Financial Secretary Paul Chan said CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA), will build the platform and extend it to other digital assets.
The system will be linked with regional tokenization platforms. Chan said the platform would be “gradually extended to other digital assets and linked with other tokenisation platforms in the region,” adding that the move would consolidate Hong Kong’s role in digital asset development.
The announcement places tokenized bond settlement within the HKMA’s post-trade infrastructure, moving beyond pilot issuances toward integrated market systems.
Hong Kong has already tokenized several rounds of government bonds. Chan said the government issued its third batch of tokenized bonds in the fourth quarter of 2025, totaling 10 billion Hong Kong dollars ($1.28 billion). He said the government will continue issuing tokenized bonds on a regular basis.
Stablecoin licensing and broader rules
Chan has also said Hong Kong plans to issue its first batch of fiat-referenced stablecoin licenses in March, with initial approvals expected to be limited.
He said the government will continue to facilitate licensed issuers in exploring use cases “in a compliant and risk-controlled manner.”
On Feb. 2, HKMA Chief Executive Eddie Yue said the regulator was preparing to grant its first stablecoin issuer licenses in March, with initial approvals expected to be limited.
Yue said reviews are focused on use cases, risk management, Anti-Money Laundering (AML) controls and asset backing.
Chan’s speech also stated that the government will introduce a bill to establish licensing regimes for digital asset dealing and custodian service providers.
He added that the Inland Revenue Ordinance will be amended to implement the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, aligning Hong Kong with global tax transparency standards.
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Liquidity push builds on earlier digital asset efforts
The infrastructure push comes alongside other recent efforts to expand Hong Kong’s regulated digital asset market.
On Feb. 11, the Securities and Futures Commission allowed licensed brokers to offer digital asset margin financing and outlined a framework for crypto perpetual contracts limited to professional investors.
Regulators said the measures aim to deepen liquidity while maintaining risk controls.
The measures outlined in the 2026–27 budget extend that approach by integrating tokenized bond issuance and settlement into the city’s core financial infrastructure.
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