EnsembleTX — moving to real-value transactions
After sandbox experimentation from August 2024, the HKMA launched EnsembleTX in November 2025. It runs throughout 2026 and handles real-value tokenised deposit transactions.
HONG KONG TOKENISED SECURITIES MARKET MAP
Hong Kong Tokenised Securities Market Map
Hong Kong is building from government bonds, funds and settlement rather than equities — with the government itself repeatedly acting as issuer.
PROJECT ENSEMBLE / SANDBOX 2024/08ENSEMBLETX / LAUNCHED 2025/11GOV TOKENISED BONDS / HK$6.8B+LICENSED VATP / 13 FIRMS 2026/05CBDC SETTLEMENT / TARGET END-2026EXCHANGE FUND BILLS / TESTS BY END-2026PROJECT ENSEMBLE / SANDBOX 2024/08ENSEMBLETX / LAUNCHED 2025/11GOV TOKENISED BONDS / HK$6.8B+LICENSED VATP / 13 FIRMS 2026/05CBDC SETTLEMENT / TARGET END-2026EXCHANGE FUND BILLS / TESTS BY END-2026
01 · STATUS
Status points to know first
“Approved,” “rule effective,” and “live in production” are different states. This site keeps them separate.
Settlement via RTGS today; CBDC and 24/7 in preparation
Interbank settlement of tokenised deposits initially uses the HKD RTGS system. CBDC settlement and 24/7 operation are planned for around the end of 2026.
The government itself has issued tokenised bonds
Hong Kong has issued tokenised government bonds across multiple offerings, reported to exceed HK$6.8 billion in total. The government acting repeatedly as issuer sets it apart.
Expert group and legal review for tokenised bonds
The HKMA’s expert group includes HSBC, Standard Chartered, UBS, Bank of China (Hong Kong), JPMorgan Securities, Ant Digital and HashKey. A second-phase legal review is under way with the FSTB, and tests involving tokenised Exchange Fund Bills are scheduled by end-2026.
Licensed VATPs are widening their product range
The SFC has set out conditions allowing licensed virtual asset trading platforms to distribute tokenised securities and digital-asset products. As of May 2026 there are 13 licensed platforms.
Regulated stablecoins for settling tokenised money market funds
Policy direction is to allow regulated stablecoins to trade on licensed VATPs and be used to settle tokenised money market funds. In September 2026 a first investment use case using HKDAP was reported.
02 · OWNERSHIP
What exactly do you own?
Using the SEC’s January 2026 taxonomy as the anchor, classification follows legal structure and authoritative ownership records—not the appearance of the token.
Tokenised bonds issued by the government
In plain termsA right to interest from lending to the government — not equity. Hong Kong has issued these repeatedly.
What distinguishes Hong Kong is that the government itself has repeatedly issued tokenised bonds as real funding, not as an experiment.
RightsRight to interest and principal.
Authoritative recordPlatform and settlement records. CMU OmniClear is expected to establish a digital asset platform during 2026 covering issuance and settlement of digital bonds.
Tokenised deposits and stablecoins (the money leg)
In plain termsNot securities — the money used to pay for them. Hong Kong is building this side first.
This is the centre of Project Ensemble. Interbank settlement starts on RTGS, with CBDC settlement and 24/7 operation as the goal.
RightsNot securities — a means of settlement.
Authoritative recordIssuing bank records plus the on-chain ledger.
Tokenised funds
In plain termsHolding fund units as tokens — not the shares themselves.
The SFC has set conditions allowing licensed VATPs to distribute tokenised securities and related products, with stablecoin subscription and settlement envisaged.
RightsA claim on the fund — not shareholder rights.
Authoritative recordManager, custodian and platform records.
Tokenisation of listed shares themselves
In plain termsAs in Japan, we have not identified a publicly announced case of tokenising listed Hong Kong shares themselves.
Hong Kong’s focus is on bonds, funds and settlement rather than equities — similar to the UK.
RightsNot applicable — no case identified
Authoritative record—
03 · TRADING ROUTES
Where is it traded and settled?
Ownership model and trading venue are separate axes. The rules and settlement path differ by route.
Trading platforms licensed by the SFC — 13 as of May 2026. The SFC has set out conditions for handling tokenised securities and related products.
- A licence applies to the operator; it is not an endorsement of any individual product.
- What may be offered differs between professional and retail investors.
Tokenised funds and bonds distributed and settled through existing bank channels. Standard Chartered has been announced as a bank distribution partner for HKDAP.
- From the investor’s side the account is still at the bank; the record-keeping behind it moves on-chain.
- In September 2026 a first investment use case using HKDAP was reported.
Not a venue retail investors use directly, but the rails on which banks exchange tokenised deposits. Settlement initially runs on the HKD RTGS system.
- CBDC settlement and 24/7 operation are planned for around end-2026.
04 · REALITY CHECK
Tokenization does not make everything 24/7 and instant
24/7 trading, atomic settlement, self-custody and fractionalization do not apply uniformly to every model.
What is being tokenised
Traditional / currentIn the U.S. the focus is on listed shares themselves.
What tokenization can enableIn Hong Kong the focus is government bonds, funds and settlement. We have not identified a case of tokenising shares themselves.
Important caveat: The same word covers different underlying assets.
Who is driving it
Traditional / currentIn the U.S. private firms apply and the regulator decides.
What tokenization can enableIn Hong Kong the HKMA builds the infrastructure and the government itself also acts as issuer.
Important caveat: The state moving first is closer to Japan and the UK.
The money leg
Traditional / currentU.S. discussion leads on the securities side.
What tokenization can enableHong Kong is building from the settlement side — tokenised deposits and stablecoins.
Important caveat: Securities and settlement are separate problems; Hong Kong is solving the latter first.
05 · ECOSYSTEM
Ecosystem map
This is not a regulator-approved company list. It maps roles that firms have publicly disclosed or filed, with sources.
Hong Kong Monetary Authority (HKMA)
Leads Project Ensemble and launched EnsembleTX in November 2025. Also runs the expert group on tokenised bonds.
Securities and Futures Commission (SFC)
Runs the VATP licensing regime and sets out conditions for handling tokenised securities.
OSL Digital Securities
One of the earliest SFC-licensed platforms in Hong Kong. Reported as a participant in the September 2026 HKDAP investment use case.
HashKey Group / HashKey Exchange
Operates an SFC-licensed trading platform and takes part in the HKMA’s expert group on tokenised bonds.
Standard Chartered
Announced as a bank distribution partner for HKDAP, with tokenised money market fund subscription and settlement reported as planned for Q4 2026. Also on the expert group.
Bank of China (Hong Kong)
A member of the HKMA’s tokenised bond expert group and one of Hong Kong’s note-issuing banks.
CMU OmniClear Limited
The operator of Hong Kong’s bond settlement infrastructure; a digital asset platform is to be established during 2026.
Ant Digital Technologies
A technology firm participating in the HKMA’s tokenised bond expert group.
HSBC, UBS and JPMorgan Securities
International institutions reported as members of the HKMA’s tokenised bond expert group.
06 · LICENCES
Which registration or licence allows this
Registration, effectiveness of a filing, approval and exemption are different concepts. “The SEC is involved” does not mean the same thing in each case.
VATP
Virtual Asset Trading Platform (VATP)
Who holds itOSL Digital Securities, HashKey Exchange and others — 13 as of May 2026
What it allowsA platform for trading virtual assets. The SFC has set conditions for handling tokenised securities and related products.
How it is obtainedRequires an SFC licence.
CautionThe licence applies to the operator; it is not an endorsement of any product.
Type 1
Type 1 regulated activity — dealing in securities
Who holds itBrokerages and banks’ securities arms
What it allowsThe licence to deal in securities. Where an instrument is a security, this framework applies even if it is tokenised.
How it is obtainedRequires an SFC licence.
CautionThe approach is not a separate regime for tokens but existing rules applying to whatever is a security.
Type 9
Type 9 regulated activity — asset management
Who holds itAsset managers
What it allowsThe licence to manage funds; relevant to creating and running tokenised funds.
How it is obtainedRequires an SFC licence.
CautionManaging a fund and operating a venue are separate permissions.
AI
Authorized Institution (bank)
Who holds itStandard Chartered, Bank of China (Hong Kong), HSBC and others
What it allowsDeposit-taking banks — the issuers of tokenised deposits and the participants in EnsembleTX.
How it is obtainedRequires HKMA authorization.
CautionA separate track from securities licences; this side handles settlement.
Stablecoin
Stablecoin issuer
Who holds it(issuers under the regime)
What it allowsIssuers of regulated stablecoins, which policy direction points to using for settling tokenised funds.
How it is obtainedRequires authorization under Hong Kong’s regime.
CautionNot a security — positioned as the instrument used to pay for securities.
06 · REGULATION
Regulatory and market-structure timeline
Statutes, SEC orders, SRO filings, no-action letters, staff views and company plans are not given the same legal weight.
Live / available
Project Ensemble sandbox begins
The HKMA launched a sandbox to test tokenised deposits and asset tokenisation.
Live / available
EnsembleTX launched — real-value transactions
Moving beyond the sandbox, it now handles transactions with real value and runs throughout 2026.
Live / available
Tokenisation demonstrated to the corporate treasury community
The HKMA showcased practical applications of tokenisation to corporate treasurers.
Under development · approvals pending
Digital assets in the Policy Address
It sets out trading of regulated stablecoins, expansion of tokenised products, and the establishment of a digital asset platform by CMU OmniClear.
Live / available
First investment use case using HKDAP
An asset manager, a bank and a trading platform reportedly completed a fund transaction settled with HKD digital assets.
Proposed
CBDC settlement, 24/7 operation and Exchange Fund Bill tests
These are announced plans, not confirmed implementations.
07 · SOURCES
Primary-source library
SEC, DTCC/DTC, NYSE/ICE and Nasdaq are prioritized. Company materials are clearly identified as company sources.
HKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assets
HKMA · 2025-11-13 · Primary source
HKMA announces new phase of Project Ensemble
香港特別行政區政府 · 2025-11-13 · Primary source
HKMA demonstrates potential of tokenisation to corporate treasury community
HKMA · 2026-06-10 · Primary source
The Chief Executive’s 2026 Policy Address
香港特別行政區政府 · 2026 · Primary source
Circular on expansion of products and services of virtual asset trading platforms
SFC · Primary source
Hong Kong taps banks, lawyers and crypto firms to help rewrite rules for tokenised bonds
South China Morning Post · Company source
The Full List of Licensed Crypto Exchanges in Hong Kong (2026)
Fintech Hong Kong · 2026 · Company source
ChinaAMC, Standard Chartered and OSL complete Hong Kong first investment use case enabled by HKDAP
Caproasia · 2026-09-24 · Company source
08 · METHODOLOGY
How to read this map
First identify what the investor legally holds, then identify the trading route, and finally verify the authoritative source and operating status. The word “tokenized” alone does not determine shareholder rights, counterparty risk or settlement cycle.
1LEGAL HOLDING→2TRADING ROUTE→3AUTHORITATIVE SOURCE→4LIVE STATUS