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Hong Kong will issue its first fiat stablecoin licenses in March under a new regulated framework.
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Tokenized bonds will settle inside HKMA core infrastructure after raising 10 billion Hong Kong dollars.
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Regulators are planning new measures to boost digital asset liquidity and attract professional traders.
Hong Kong will begin granting its first fiat-referenced stablecoin licenses in March. Financial Secretary Paul Chan confirmed the plan in the 2026–27 budget. The approvals will remain limited at the initial stage. However, the step introduces mandatory authorization for stablecoin issuers.
⚡️JUST IN : HONG KONG TO ISSUE FIRST EVER STABLECOIN LICENSE IN MARCH.
Hong Kong’s Financial Secretary confirmed in a new speech that the government will be issuing its first ever batch of stablecoin issuer licenses next month.
— Litest (@Litest) February 26, 2026
For the first time, issuers must obtain licenses to operate in the city. Authorities want stablecoin activity to fall under a defined regulatory structure. At the same time, officials are seeking to protect financial stability. Regulators will allow product testing under clear compliance standards.
This change shifts stablecoin oversight into a formal licensing regime. Previously, no dedicated framework governed fiat-referenced tokens. Now, regulators will supervise issuance and operations directly. The move strengthens transparency and risk management across the sector.
Tokenized Bonds Move Into Core Settlement Systems
Hong Kong will expand tokenization infrastructure beyond pilot programs. CMU OmniClear Holdings will lead the settlement development. The firm operates under the Hong Kong Monetary Authority. Initially, the platform will process tokenized bond settlements.
Authorities are planning gradual expansion into other digital asset categories. The system will also connect with tokenization networks in the region. These links will support smoother cross-border compatibility. Officials want infrastructure that integrates with existing financial systems.
Tokenized bond settlement will now sit within the HKMA’s post-trade framework. This step integrates digital issuance into mainstream clearing systems. The structure replaces earlier limited trials. Tokenization now forms part of standard market operations.
The government has issued several tokenized bond series. The third series launched in the fourth quarter last year. It raised 10 billion Hong Kong dollars, or about $1.28 billion. Officials confirmed plans for regular future issuances.
Regulators Focus on Liquidity and Market Activity
Liquidity development remains central to Hong Kong’s digital asset roadmap. Regulators want higher activity in the local market. Professional traders remain a key focus group. Authorities aim to strengthen participation in regulated products.
The Securities and Futures Commission will introduce measures to expand trading activity. These measures will widen the range of available investment products. Regulators will maintain strict oversight while encouraging growth. The framework aims to support innovation without destabilizing markets.
Singapore and Dubai have already implemented structured digital asset frameworks. Hong Kong seeks to strengthen its position through licensing and infrastructure upgrades. The combined strategy reflects a shift toward regulated digital finance at scale.
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