Hong Kong Set to Launch Tokenized Bond Platform and Issue First Stablecoin Licenses

Hong Kong is planning to launch a new digital asset platform this year to support the issuance and settlement of tokenized bonds. They also announced that they would be issuing licenses for stablecoins to companies in a couple of months.

Hong Kong Unveils Digital Asset Platform for Tokenized Bonds

Financial Secretary Paul Chan announced that CMU OmniClear Holdings, which is a subsidiary of the Hong Kong Monetary Authority (HKMA), would be developing the platform and would be expanding it to include other assets.

The platform would be integrated into regional tokenization platforms. Chan said that it would be “gradually extended to other digital assets and linked with other tokenisation platforms in the region.” He also said that it would reinforce the country’s position in the development of digital assets.

This comes as institutional firms are launching products on these platforms. Yesterday, the Hong Kong-based crypto exchange HashKey announced the launch of a one-stop solution for the issuance of RWAs. The exchange stated that financial institutions can now unlock the value of illiquid assets and turn them into tradable tokens.

In addition, the country has already tokenized several rounds of its government bonds. Chan said that they had issued their third batch of tokenized bonds in the fourth quarter of 2025. This was valued at $1.28 billion. He said that the country would continue issuing tokenized bonds.

Regulators to Issue First Stablecoin Licenses Soon

The country said it will start issuing the first licenses for stablecoin issuers next month. The regulators said new legislation for crypto asset dealers and custodians will be introduced later this year, the territory’s finance chief said.

Chan said that the government has already introduced a licensing regime for stablecoin issuers. He also said that regulators will continue to facilitate licensed issuers in Hong Kong. This is to explore different application scenarios in a compliant and risk-controlled manner.

The licenses for fiat-referenced stablecoin issuers will be awarded in March, according to Chan. This follows the country’s introduction of a stablecoin payments bill last year and the finalization of the legislation.

The budget also reaffirmed the government of Hong Kong’s intention to introduce a bill this year to cater for the licensing of digital asset dealers and custodian service providers. This is a broadening of the regulatory space in the country, which had earlier licensed trading platforms and stablecoins.