Hong Kong to Support Commercial Bank Tokenization Initiatives in 2025 Policy Address

• HKMA to support tokenized deposits and regular issuance of digital bonds.
• SFC drafting licensing framework for trading, custody, and stablecoin issuers.
• New rules will cover stablecoin issuers, digital asset trading, and custody services.

Hong Kong is stepping up its digital finance ambitions with a policy blueprint that places tokenization at the core of banking innovation. 

In the 2025 Policy Address, Chief Executive John Lee outlined measures that will see the Hong Kong Monetary Authority (HKMA) encourage commercial banks to roll out tokenized deposits and expand the city’s live tokenized-asset transactions.

Hong Kong’s Project Ensemble to Drive Tokenized Deposits

Lee confirmed that the HKMA will “continue to take forward Project Ensemble, including encouraging commercial banks to introduce tokenised deposits, and promoting live transactions of tokenis…

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