The Hong Kong Monetary Authority (HKMA) said it had convened a Tokenised Bond Expert Group comprising representatives from industry associations, financial institutions, legal advisory firms, and financial infrastructure and technology providers to drive further adoption and scalability of tokenised bonds in the city.
The group will build on the progress of the HKMA’s tokenised bond-related initiatives and collectively explore policy measures, market practices and innovations for the market’s development.
The HKMA said it hosted the first series of discussions in May, during which members exchanged views on Hong Kong’s current legal and regulatory regime and its application to tokenised bond issuance and transactions.
Feedback from the discussions will serve as a reference for the HKMA’s ongoing work with the Financial Services and the Treasury Bureau to review and identify potential enhancements to Hong Kong’s legal and regulatory framework aimed at facilitating broader adoption of tokenisation technology in the fixed-income market.
Details of the exercise will be announced separately.
The central bank said it would continue engaging with members on issues related to tokenised bond market development and would review the composition of the group as needed.
Hong Kong has been promoting tokenised bonds since 2021, when the HKMA launched a joint proof-of-concept study with the Bank for International Settlements Innovation Hub Hong Kong Centre.
The city has since completed three government-backed digital bond transactions, including what the HKMA described as the world’s first tokenised government green bond in 2023, the first multi-currency digital bond in 2024, and a 2025 issuance that was the largest digital bond at the time and the first to integrate tokenised central bank money through e-CNY and e-HKD.
The HKMA has also supported the market through the Digital Bond Grant Scheme, the EvergreenHub knowledge repository, and efforts with the Financial Services and the Treasury Bureau to explore legal and regulatory enhancements for tokenised fixed-income products.
