Stablecoins Ordinance guides Hong Kong’s 2026 tokenisation

HKMA makes tokenisation a 2026 priority for responsible development

According to the hong kong Monetary Authority, tokenisation is a key focus for 2026 to support sustainable and responsible digital-asset development. The agenda emphasises financial stability, market integrity, and investor protection.Its fintech 2030 (DART) blueprint highlights tokenisation infrastructure for faster bond settlement, smoother trade finance, and cross-border efficiencies, including pilots such as Project Ensemble. Prioritising tokenisation signals a shift from experimentation toward production-grade rails under clear policy guardrails.

Why this matters: guardrails, licensing, and real-world tokenised products

Hong Kong is coupling innovation with regulatory guardrails to mitigate operational, market, and conduct risks. That balance is central to institutional adoption and retail confidence as tokenised products scale.At Davos in January 2026, Financial Secretary Paul Chan Mo-po framed the approach: “We will embrace digital assets with strong guardrails, following ‘same activity, same risk, same regulation’ to ensure responsible and sustainable development,” he said.The Financial Services and the Treasury Bureau’s Policy Statement 2.0 outlines legal reviews to facilitate tokenisation across settlement, registration, and record-keeping. It also targets regular issuance of tokenised government bonds and clarity on tax or stamp-duty treatment for tokenised ETFs.

As reported by news.gov.hk, a stablecoin regime went live in August 2025 and the first batch of issuer licences is expected in March 2026, with an initially limited number focused on real-world utility and sustainable models.A Legislative Council reply noted that Hong Kong’s 2023–24 tokenised green bonds were well received globally. It also recorded guidance on tokenised securities and 2024 approvals enabling retail access to tokenised money market funds and gold tokens.Pilots under Project Ensemble are designed to inform production-ready settlement for tokenised assets and deposits. The emphasis remains on real-world use, interoperability, and risk controls across institutions.

Regulatory architecture and roles: HKMA, SFC, and policy levers

Stablecoins Ordinance scope and issuer licensing expectations

According to Chief Executive Eddie Yue Wai-man, the 2025 Stablecoins Ordinance establishes a licensing regime for fiat-referenced stablecoin issuers and a fit-for-purpose environment for healthy, responsible, and sustainable growth. The framework focuses on issuer oversight and prudential safeguards.

‘Same activity, same risk, same regulation’ across tokenised instruments

According to the Securities and Futures Commission, the principle applies consistently to tokenised instruments and intermediaries. In practice, tokenised securities face the same licensing, conduct, and disclosure standards as their traditional counterparts.

FAQ about Hong Kong tokenisation 2026

How does the Stablecoins Ordinance work and when will stablecoin issuer licences be granted?

It creates a licensing regime for fiat-referenced stablecoin issuers. The first batch of licences is expected in March 2026, with a phased rollout.

Which real-world assets are being tokenised in Hong Kong now (e.g., government bonds, money market funds) and what’s next?

Tokenised government bonds have been issued, and retail tokenised money market funds and gold tokens were authorised. Next, pilots focus on tokenised deposits and trade-finance assets.