Hong Kong is set to formalize its position as a global crypto hub by integrating digital asset settlement into its core financial systems. During the 2026-27 budget address on Wednesday, Financial Secretary Paul Chan unveiled plans for a specialized platform designed to streamline the issuance and clearing of tokenized bonds.
Building the “OmniClear” Infrastructure
The project will be spearheaded by CMU OmniClear Holdings, a unit of the Hong Kong Monetary Authority (HKMA). Unlike previous one-off trials, this new system is designed to be a permanent fixture of the city’s market infrastructure.
- Regional Connectivity: The platform will not operate in isolation; it is intended to link with other tokenization hubs across the region, fostering a cross-border digital asset network.
- Scalability: While bonds are the initial focus, the government plans to gradually expand the platform’s capabilities to support a wider array of digital assets.
- Proven Track Record: This move follows a successful fourth quarter in 2025, during which Hong Kong issued its third batch of tokenized government bonds, totaling HK$10 billion ($1.28 billion).
Stablecoin Licensing and Global Standards
The regulatory landscape in Hong Kong is also reaching a major milestone this spring.
- First Licenses: The HKMA is prepared to grant its first set of fiat-referenced stablecoin licenses in March. Initial approvals will be strictly limited, focusing on issuers with robust risk management, AML controls, and transparent asset backing.
- Tax Transparency: Hong Kong is aligning with international norms by amending its Inland Revenue Ordinance to adopt the OECD’s Crypto-Asset Reporting Framework (CARF).
- New Legal Frameworks: Upcoming legislation will establish comprehensive licensing for digital asset custodians and trading service providers, ensuring a regulated environment for institutional players.
Deepening Market Liquidity
These infrastructure upgrades complement recent regulatory shifts aimed at increasing market depth. Earlier this month, the Securities and Futures Commission (SFC) gave the green light for licensed brokers to provide margin financing for digital assets. Furthermore, a new framework was introduced to allow crypto perpetual contracts, though these remain restricted to professional investors for the time being.
By embedding tokenization into the city’s post-trade infrastructure, Hong Kong is moving beyond the “pilot phase” and positioning itself as a primary gateway for regulated digital finance in Asia.
