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Hong Kong plans to expand trading in regulated stablecoins and support more tokenized real-world assets, including gold, on licensed platforms under measures announced in Chief Executive John Lee’s 2026 Policy Address.
The Securities and Futures Commission will improve its framework for tokenized investment products, while the government wants to be regulated stablecoins used for trading and settlement of tokenized money market funds.
Licensed Stablecoins Gain Larger Role On Trading Platforms
Hong Kong’s Stablecoins Ordinance took effect on Aug. 1, 2025, creating a licensing regime for covered fiat-referenced stablecoins. The Hong Kong Monetary Authority granted the first two issuer licenses on April 10, 2026.
The SFC followed on May 27 with requirements for licensed virtual-asset trading platforms and financial firms handling regulated stablecoins. Qualifying stablecoins issued by an HKMA-licensed issuer are not subject to the liquidity and index requirements applied to other virtual assets offered to retail clients.
The new policy calls for regulated stablecoin trading to expand on licensed platforms and for the tokens to support settlement of tokenized money market funds. Existing licensing and conduct requirements remain in place.
Tokenized Gold Joins Hong Kong’s RWA Expansion
The SFC will improve its regulatory framework to facilitate the issuance and trading of tokenized gold and other suitable real-world assets on licensed platforms. The Policy Address does not specify which other assets will qualify.
Hong Kong already permits tokenized investment products under SFC oversight. As of March, 13 tokenized products offered to the public held HK$10.7 billion across their tokenized classes, about seven times the level recorded a year earlier.
The SFC introduced a secondary trading framework in April covering tokenized authorized investment products, including a pilot intended to support round-the-clock trading.
EnsembleTX Targets CBDC Settlement and 24/7 Operations by Year-End
The Hong Kong Monetary Authority plans to implement central bank digital currency settlement and 24/7 operations under EnsembleTX around the end of 2026. It will also continue exploring additional uses for tokenized bank deposits.
The measures link Hong Kong’s regulated stablecoin regime with its existing tokenized investment-product framework and licensed trading venues.
The SFC will now work on the regulatory framework for tokenized gold and other suitable real-world assets, while the HKMA continues preparations for expanded EnsembleTX settlement infrastructure.
