Hong Kong’s Financial Secretary, Paul Chan, announced a new core market infrastructure platform for digital assets in the city’s 2026-27 budget. A subsidiary of the Hong Kong Monetary Authority will build the platform to support tokenized bond issuance and settlement, extending it to other digital assets. The government also plans to issue its first fiat-referenced stablecoin licenses in March and will introduce new licensing regimes for digital asset service providers.
Hong Kong will establish a new digital asset platform this year to support the issuance and settlement of tokenized bonds. Financial Secretary Paul Chan said the move aims to shift tokenization from pilot deals into core market infrastructure. The platform will be built by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA).
Chan stated the system will be “gradually extended to other digital assets and linked with other tokenisation platforms in the region.” The government issued its third batch of tokenized bonds in the fourth quarter of 2025, totaling $1.28 billion. Officials confirmed the government will continue issuing tokenized bonds on a regular basis.
Regarding stablecoins, Chan said Hong Kong plans to issue its first batch of fiat-referenced stablecoin licenses in March. Initial approvals are expected to be limited, as mentioned by HKMA Chief Executive Eddie Yue. Yue said reviews are focused on use cases, risk management, and Anti-Money Laundering controls.
Chan’s speech also stated the government will introduce a bill to establish licensing regimes for digital asset dealing and custodian service providers. Furthermore, the Inland Revenue Ordinance will be amended to implement global tax transparency standards. This regulatory push builds on other recent efforts to expand Hong Kong’s regulated digital asset market.
On February 11, the Securities and Futures Commission allowed licensed brokers to offer digital asset margin financing. Regulators said the measures aim to deepen liquidity while maintaining risk controls. The new infrastructure extends this approach by integrating tokenized bond issuance into the city’s core financial systems.
