The Hong Kong Monetary Authority (HKMA) has announced the formation of a Tokenised Bond Expert Group, a strategic initiative aimed at accelerating the adoption and scalability of tokenised bonds in Hong Kong’s capital markets.
The newly constituted group brings together leading financial institutions, legal firms, industry associations, infrastructure providers, and technology companies to collaborate on policy measures, market practices, and innovations that can support the next phase of tokenised bond market development.
The move comes as Hong Kong continues to position itself as a global leader in digital asset infrastructure and real-world asset (RWA) tokenisation.
Building on Hong Kong’s Tokenisation Journey
According to the HKMA, the Expert Group will help advance discussions around legal, regulatory, and operational frameworks required for broader tokenisation adoption in fixed-income markets.
The initiative builds on Hong Kong’s growing track record in digital bond issuance. Since 2021, HKMA has worked on multiple tokenisation projects, including the world’s first tokenised government green bond in 2023, a multi-currency digital bond issuance in 2024, and a landmark digital bond transaction integrated with tokenised central bank money in 2025.
The central bank has also been supporting the ecosystem through initiatives such as the Digital Bond Grant Scheme and the EvergreenHub knowledge platform.
Industry Leaders Join the Initiative
The Tokenised Bond Expert Group includes representatives from global banks, legal advisory firms, financial market associations, and digital asset infrastructure companies.
Members include HSBC, Standard Chartered, UBS, J.P. Morgan, Bank of China (Hong Kong), Crédit Agricole CIB, Hang Seng Bank, HashKey Group, Clifford Chance, Linklaters, Ashurst, Allen Overy Shearman Sterling, and the International Capital Market Association (ICMA), among others.
The diverse composition of the group is expected to provide expertise across issuance, settlement, regulation, custody, and market infrastructure.
Growing Global Momentum Around Asset Tokenisation
Hong Kong’s latest move reflects the growing global interest in asset tokenisation, particularly in fixed-income markets where blockchain technology is increasingly being explored to improve efficiency, transparency, and settlement processes.
The development also comes as India’s capital markets regulator, SEBI, has established a working group to examine the feasibility and framework for corporate bond tokenisation in the Indian market.
As regulators and market participants across jurisdictions continue to evaluate tokenised securities, such initiatives are expected to play a crucial role in shaping future standards and accelerating institutional adoption.
With both Hong Kong and India actively exploring tokenised bond frameworks, the momentum around blockchain-powered capital market infrastructure continues to strengthen globally.
