New Digital Bond Platform, Crypto Rules by 2026

Key Highlights:

• Hong Kong is planning to launch a tokenized bond platform and expand its asset classes, said Financial Secretary Paul Chan.
• The city is also considering new licensing rules for crypto dealers and custodians.
• Chan informed that stablecoin issuers would receive first approvals as liquidity focus grows.

Hong Kong is all set to launch a digital asset platform in 2026 to support the issuance and settlement of tokenized bonds. The city is also progressing towards new guidelines for crypto trading platforms and custody.

Financial Secretary Paul Chan shared this plan in his 2026–27 Budget speech that was held on February 25. Chan said the new platform will first focus on tokenized bonds and then move towards covering other digital asset categories as and when the market develops.

Hong Kong to Introduce Digital Bond Issuance Hub 

CMU OmniClear Holdings, which is a subsidiary of the Hong Kong Monetary Authority, will build and operate the platform. It will also connect with tokenization platforms across the city. The cross-platform nature of this solution will improve settlement efficiency and help with wider adoption of tokenized securities in Asia.

Hong Kong has already taken early steps in this area. The government has completed several tokenized bond issuances in recent years. According to Secretary for Financial Services and the Treasury Christopher Hui, the third batch of tokenized government bonds worth 10 billion Hong Kong dollars, or about $1.28 billion, was issued in the fourth quarter of 2025. He added that regular issuances will continue as the market matures.

The new platform marks a shift from pilot testing to full integration. Tokenized bond settlement will now be incorporated into the HKMA’s post-trade infrastructure. Officials say it is an important step in making tokenized finance part of the mainstream financial system rather than a niche experiment.

At the same time, the Securities and Futures Commission has already allowed licensed brokerages to provide crypto margin financing and crypto perpetual contracts to professional investors. These measures aim at increasing liquidity and also maintain strict risk controls.

Further regulatory expansion is on the way. Hong Kong plans to introduce new laws around digital asset dealers and custodians later in 2026. This plan will extend control beyond trading platforms and stablecoin issuers. Under the planned framework, businesses that buy, sell, or exchange virtual assets as a service will need to possess licenses and follow compliance guidelines.

Stablecoins are also a major focus. The government has already introduced a licensing regime for fiat-referenced stablecoin issuers. The first batch of licenses is expected to be approved as early as March 2026. Authorities say licensed issuers will be encouraged to explore practical use cases while operating within clear risk limits.

Liquidity development is another priority. Officials say the SFC will continue to introduce measures to deepen market participation and broaden product offerings for professional investors. 

“The SFC will also set up an accelerator to expedite market innovation,” Chan said. 

An innovation accelerator is also planned to support new digital asset products and services.

On the tax and compliance front, Hong Kong is preparing to align with global standards. The government plans to amend its Inland Revenue Ordinance over the next two years to implement the OECD’s Crypto Asset Reporting Framework and updated Common Reporting Standard. These changes will improve transparency and also make sure that digital asset transactions are reported in sync with international norms.

With these ambitions expected to take shape soon, the city is also working to balance innovation with investor protection and financial stability.

Officials say the goal is to create a system where tokenized bonds, stablecoins, and other cryptos can function alongside traditional financial products.

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