Hong Kong plans to establish a new digital asset platform this year to support the issuance and settlement of tokenized bonds, signaling a shift from experimental pilots toward embedding tokenization within mainstream financial infrastructure.

In his 2026–27 budget address on Wednesday, Financial Secretary Paul Chan announced that CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA), will develop the platform. The system will also be expanded to accommodate additional digital assets over time.

Chan stated that the platform would be “gradually extended to other digital assets and linked with other tokenisation platforms in the region,” describing the initiative as a step toward reinforcing Hong Kong’s position in digital asset development.

By integrating tokenized bond settlement into the HKMA’s post-trade infrastructure, the move represents a transition from isolated issuances to more comprehensive market integration. Hong Kong has already completed multiple rounds of tokenized government bond offerings. According to Chan, the third issuance took place in the fourth quarter of 2025 and totaled 10 billion Hong Kong dollars (approximately $1.28 billion). He added that regular tokenized bond issuances are expected to continue.

Stablecoin licensing and regulatory expansion

Beyond tokenized bonds, Chan indicated that Hong Kong intends to grant its first fiat-referenced stablecoin licenses in March, with approvals initially limited in scope. He noted that authorities will continue supporting licensed issuers as they explore applications “in a compliant and risk-controlled manner.”

Earlier in February, HKMA Chief Executive Eddie Yue confirmed that the regulator was preparing to issue its first stablecoin licenses in March. Yue explained that the review process focuses on use cases, risk management practices, Anti-Money Laundering controls and the quality of asset backing.

Chan also outlined plans to introduce legislation establishing licensing frameworks for digital asset trading platforms and custodial service providers. In addition, amendments to the Inland Revenue Ordinance will implement the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, aligning Hong Kong with international tax transparency standards.

Broader liquidity and market development efforts

The infrastructure initiative complements recent measures aimed at expanding Hong Kong’s regulated digital asset ecosystem. On Feb. 11, the Securities and Futures Commission permitted licensed brokers to provide digital asset margin financing and introduced a framework for cryptocurrency perpetual contracts available to professional investors.

Regulators stated that these steps are intended to enhance market liquidity while preserving appropriate risk controls. The digital asset measures outlined in the 2026–27 budget build on this approach by incorporating tokenized bond issuance and settlement into Hong Kong’s core financial architecture.

Sources:

https://cointelegraph.com/news/hong-kong-expand-tokenized-bond-infrastructure-hkma-platform

https://www.info.gov.hk/gia/general/202602/25/P2026022500167.htm

https://www.info.gov.hk/gia/general/202602/25/P2026022500156.htm