Hong Kong will launch the HKMA Digital Bond Platform in 2026.
Hong Kong will launch a new digital asset platform this year as the city pushes to move tokenization from pilot deals to mainstream market infrastructure.
In his 2026-27 budget speech on Wednesday, Financial Secretary Paul Chan said CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA), will build the platform and expand it to other digital assets.
The system connects to regional tokenization platforms. Chan said the platform will “gradually expand to other digital assets and connect with other token platforms in the region,” adding that the move will strengthen Hong Kong's role in digital asset development.
The announcement will place the bond issue agreement within the HKMA's post-trade infrastructure.
Hong Kong has already issued many government bonds. According to Chan, the government has issued its third tokenized bond, totaling 10 billion Hong Kong dollars ($1.28 billion), in the fourth quarter of 2025. He said the government will continue to issue bonds regularly.
Stablecoin license and extensive regulations
Chan also said Hong Kong plans to issue its first fiat-referenced stablecoin licenses in March, with initial approvals expected to be limited.
He said the government would continue to facilitate licensed issuers to investigate usage issues “in a risk-aware manner.”
In the year On February 2, HKMA chief executive Eddie Yue said the regulator was preparing to issue the first stablecoin issuance licenses in March, with initial approvals expected to be limited.
Yue said reviews focused on use cases, risk management, anti-money laundering (AML) controls and asset support.
Chan's speech also revealed that the government will introduce a bill to establish licensing systems for digital asset management and custodian service providers.
He added that in order to align Hong Kong with international tax transparency standards, the Inland Revenue Regulations will be amended to implement the Crypto-Asset Reporting Framework (CARF) for the Organization for Economic Co-operation and Development.
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Liquid Push builds on previous digital assets efforts.
The infrastructure push comes alongside other recent efforts to expand Hong Kong's regulated digital asset market.
In the year On February 11, the Securities and Futures Commission allowed licensed brokers to offer digital asset margin financing and listed crypto perpetual contracts limited to professional investors.
Regulators said the measures are aimed at increasing liquidity while maintaining risk controls.
Measures outlined in the 2026–27 budget extend that approach by integrating bond issuance and settlement into the city's core financial infrastructure.
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