25th September 2026
By Anjali Kochhar
Hong Kong is expanding its digital asset infrastructure, with the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) outlining plans covering blockchain-based settlement, stablecoins and tokenized real-world assets.
The HKMA is preparing to upgrade its Central Moneymarkets Unit (CMU), Hong Kong’s debt-securities settlement platform, to support on-chain operations around the clock. The upgraded system is expected to introduce new services by the end of 2026, enabling real-time settlement through blockchain infrastructure.
The move forms part of Hong Kong’s broader push to integrate digital technology into traditional financial markets. The city has also been developing its EnsembleTX platform, which is designed to support tokenized asset settlement using central bank digital currency infrastructure.
SFC expands framework for tokenized assets
Alongside the HKMA’s infrastructure plans, the SFC is working on regulatory frameworks for digital assets and tokenized real-world assets (RWAs), with tokenized gold emerging as an initial focus.
Tokenization involves representing assets such as gold, bonds or funds as digital tokens on blockchain networks. The approach can potentially allow financial assets to be issued, transferred and settled through digital infrastructure while remaining within regulated markets.
The SFC has already introduced measures supporting tokenized investment products. In March 2026, the regulator said 13 tokenized products were available to the public in Hong Kong, while assets under management in their tokenized classes had grown to $10.7 billion, around seven times the level a year earlier.
Stablecoins gain a larger role
Stablecoins are another major part of Hong Kong’s digital asset strategy. The city’s stablecoin regulatory framework came into effect in August 2025, while the HKMA granted its first stablecoin issuer licences in April 2026.
The SFC subsequently issued rules covering the provision of services involving regulated stablecoins by licensed virtual asset trading platforms and financial intermediaries. These rules address areas including trading, custody, liquidity and client asset segregation.
Hong Kong is also preparing additional regulatory regimes covering virtual asset dealing, custody, advisory and management services. The SFC and Financial Services and the Treasury Bureau said in May that legislation for advisory and management regimes was being finalised for introduction in 2026.
Together, the latest measures indicate that Hong Kong is building digital asset markets around regulated infrastructure, with blockchain settlement, stablecoins and tokenized assets increasingly connected to the traditional financial system.
