Hong Kong’s Financial Secretary Paul Chan outlined a slate of digital asset initiatives in his budget speech, including plans for the HKMA’s CMU to develop its own digital asset platform with the central securities depository (CSD). He also highlighted regulatory clarifications on the use of distributed ledgers for debenture holder registries and support for digital bearer bonds. The first stablecoin licenses are expected next month, and the CMU’s OmniClear will establish a digital asset platform this year to issue and settle digital bonds, with plans to extend to other digital assets and link with regional tokenisation platforms.
Hong Kong was described as the global leader in digital bond issuance in 2025, with Chan noting continued support for digital bonds through a grant scheme and plans for more frequent digital government bond issuances. Most issuances to date have used the HSBC Orion tokenization platform, which is integrated with the CMU, and the CMU has signaled willingness to integrate with other platforms.
Chan emphasized that the aim is to enhance the efficiency of the asset management market, with OmniClear set to establish a digital asset platform this year. It will be gradually extended to other digital assets and linked with other tokenisation platforms in the region, consolidating Hong Kong’s leading role in the realm of digital assets.
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