Hong Kong is advancing a virtual-asset licensing regime while expanding tokenized-market infrastructure, digital-bond issuance and regulated stablecoin use. Chief Executive John Lee Ka-chiu said on September 16 that the Hong Kong Monetary Authority will pilot tokenization of more than HK$1.3 trillion of Exchange Fund Bills by the end of 2026, allowing banks to test their use in asset and liability management through distributed ledger technology. The HKMA also plans to launch CMU OmniClear in 2026 as a digital-asset platform intended to standardize digital-bond issuance and settlement. The Securities and Futures Commission's September 23 strategic action plan identifies digital-asset licensing, custody oversight, CrypTech market surveillance and anti-money-laundering capabilities as priorities. Hong Kong accounted for nearly half of global digital-bond issuance between 2025 and the first half of 2026, while Project Ensemble is moving toward live pilots for tokenized deposits and wholesale settlement. Authorities are also refining rules for tokenized investment products and plan to permit regulated stablecoins for settlement on licensed virtual-asset platforms.