In his 2026-27 budget speech, Hong Kong's Financial Secretary Paul Chan announced a sweeping set of regulatory and infrastructure initiatives aimed at solidifying the city's position as a global digital asset hub. The centerpiece is a new digital bond platform to be built this year by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority (HKMA).
The platform is designed to support the issuance and settlement of tokenized bonds, moving beyond pilot programs into core market infrastructure. Chan stated the system would be "gradually extended to other digital assets and linked with other tokenisation platforms in the region." This follows Hong Kong's successful issuance of its third batch of tokenized government bonds in Q4 2025, totaling HK$10 billion (approx. $1.28 billion), with plans for regular future issuances.
Concurrently, Hong Kong is set to grant its first batch of fiat-referenced stablecoin issuer licenses in March 2026, with initial approvals expected to be limited. HKMA Chief Executive Eddie Yue previously emphasized that reviews focus on use cases, risk management, AML controls, and asset backing. The government will also introduce a bill to establish licensing regimes for digital asset dealing and custodian service providers, expanding regulation beyond exchanges.
Further measures include amending the Inland Revenue Ordinance to implement the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework to align with global tax transparency standards. The Securities and Futures Commission (SFC) will also take steps to deepen market liquidity, including allowing licensed brokers to offer digital asset margin financing and outlining a framework for crypto perpetual contracts for professional investors.
