HKMA establishes Tokenised Bond Expert Group on 5 June 2026 to drive tokenised bond market development, reviewing legal regimes and highlighting past initiatives including 2021 PoC and landmark issuances from 2023 to 2025.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On Fri, 05 Jun, the Hong Kong Monetary Authority ("HKMA") announced today (5 June) that it has convened a Tokenised Bond Expert Group comprising representatives from industry associations, financial institutions, legal advisory firms, and financial infrastructure and technology providers. This Group aims to drive further adoption and scalability of tokenised bonds in Hong Kong by collectively exploring policy measures, market practices, and innovations, building on progress achieved through existing HKMA initiatives.
# Regulatory Framework and Consultation
In May, the HKMA hosted the first series of Expert Group discussions to exchange views on Hong Kong’s current legal and regulatory regime and its application to tokenised bond issuance and transactions. The feedback received will serve as reference for the HKMA’s ongoing work with the Financial Services and the Treasury Bureau to review and identify potential enhancements to the legal and regulatory regime to facilitate broader adoption of tokenisation technology in the fixed income market. Details regarding this exercise will be announced separately, and the HKMA will continue to engage with members while reviewing the Group’s composition as needed.
# HKMA’s Tokenised Bond-Related Initiatives
In 2021, the HKMA initiated its bond tokenisation journey with a joint proof-of-concept study with the Bank for International Settlements Innovation Hub Hong Kong Centre. This was followed by three landmark tokenised bond issuances for the HKSAR Government: the world’s first tokenised government green bond in 2023, the first multi-currency digital bond in 2024, and the largest digital bond issuance at the time of issuance in 2025, which integrated tokenised central bank money in the form of e-CNY and e-HKD. The HKMA continues to promote market development through measures such as the Digital Bond Grant Scheme, the EvergreenHub knowledge repository, and ongoing regulatory enhancements with the Financial Services and the Treasury Bureau.
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