Hong Kong to Launch HKMA Digital Bond Platform in 2026

Stablecoin licensing and broader rules

Chan has also said Hong Kong plans to issue its first batch of fiat-referenced stablecoin licenses in March, with initial approvals expected to be limited.

He said the government will continue to facilitate licensed issuers in exploring use cases “in a compliant and risk-controlled manner.”

On Feb. 2, HKMA Chief Executive Eddie Yue said the regulator was preparing to grant its first stablecoin issuer licenses in March, with initial approvals expected to be limited.

Yue said reviews are focused on use cases, risk management, Anti-Money Laundering (AML) controls and asset backing.

Chans speech also stated that the government will introduce a bill to establish licensing regimes for digital asset dealing and custodian service providers.

He added that the Inland Revenue Ordinance will be amended to implement the Organisation for Economic Co-operation and Developments Crypto-Asset Reporting Framework (CARF), aligning Hong Kong with global tax transparency standards.

Liquidity push builds on earlier digital asset efforts

The infrastructure push comes alongside other recent efforts to expand Hong Kongs regulated digital asset market.

On Feb. 11, the Securities and Futures Commission allowed licensed brokers to offer digital asset margin financing and outlined a framework for crypto perpetual contracts limited to professional investors.

Regulators said the measures aim to deepen liquidity while maintaining risk controls.

The measures outlined in the 2026–27 budget extend that approach by integrating tokenized bond issuance and settlement into the citys core financial infrastructure.