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Hong Kong is advancing new digital-asset licensing rules while the Hong Kong Monetary Authority expands infrastructure for tokenized finance and round-the-clock settlement.
The government and Securities and Futures Commission have completed consultations covering virtual-asset dealing, custody, advisory and management services. Authorities aim to introduce the related legislation into the Legislative Council during 2026.
Separately, HKMA Chief Executive Eddie Yue said on Sept. 23 that the Central Moneymarkets Unit will introduce new services by year-end supporting 24-hour, real-time on-chain settlement. The authority is also examining tokenized deposits and regulated stablecoins as settlement instruments.
Hong Kong Crypto Licensing Bill Moves Toward LegCo
Hong Kong plans to introduce legislation covering virtual-asset dealing, custody, advisory and management services in 2026. The Financial Services and the Treasury Bureau and the Securities and Futures Commission have completed consultations on dealing and custody.
The government has also worked on proposals for advisory and management services. The Legislative Council discussed the proposed regimes in June.
Legislator Duncan Chiu said on September 23 that authorities aim to take the new digital-asset licensing bill to the Legislative Council in the second half of 2026. He said officials want passage in the second half of this year or early 2027.
The planned rules would expand Hong Kong crypto licensing beyond the existing regime for virtual-asset trading platforms.
HKMA Prepares 24-Hour On-Chain Settlement
The HKMA is also preparing new services for the Central Moneymarkets Unit, its debt securities settlement infrastructure. HKMA Chief Executive Eddie Yue said the CMU will launch new services before the end of 2026.
The system will support round-the-clock, real-time on-chain settlement and work with e-HKD and central bank digital currencies.
Yue said the HKMA will study whether the platform can settle tokenized deposits and regulated stablecoins. The plan links cash and tokenized assets within the same market infrastructure.
Hong Kong’s 2026 Policy Address also says CMU OmniClear will establish a digital-asset platform this year for digital bond issuance and settlement.
Digital Bonds Take Larger Role in Market Plans
Hong Kong is also expanding its digital bond program. The 2026 Policy Address says Hong Kong accounted for nearly half of global digital bond issuance from 2025 through mid-2026. The government plans to issue digital bonds regularly and test more forms of digital-currency settlement across their life cycle.
The HKMA will also test tokenized Exchange Fund Bills before year-end. The government says banks hold more than HK$1.3 trillion of these bills. Tokenization will help banks use those assets around the clock for liquidity and balance-sheet management, according to the Policy Address.
Also, the HKMA’s Tokenized Bond Expert Group will continue work on legal and technical arrangements for distributed ledger technology.
Licensing and Infrastructure Develop Together
The Hong Kong crypto licensing plan adds another layer to the city’s digital-asset framework. Hong Kong already licenses virtual-asset trading platforms, while a stablecoin issuer regime took effect in August 2025. The new proposals target dealing, custody, advisory, and management services that sit outside parts of the current framework.
Yue also placed the digital measures within a broader fixed-income and currency push. Average daily foreign-exchange turnover in Hong Kong rose about 20% in April from last October, he said. Yuan loans increased nearly 30%.
Authorities also plan to extend tenors for government offshore yuan and Hong Kong dollar bonds. Those measures give the CMU a wider pool of traditional instruments as Hong Kong adds tokenized settlement options through regulated market channels.
At the same time, Yue said Hong Kong’s bond market recorded about 20% compound annual growth over the past two decades. Hong Kong handled about one quarter of Asia’s international bond issuance last year. The new CMU services, tokenized bills, and digital bond program now run alongside the planned Hong Kong crypto licensing bill.
