HKMA and SFC Unleash Blockchain Plans for Stablecoins and Tokenized Gold

The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) are pushing forward with plans to integrate digital assets into Hong Kong's financial system. The HKMA is upgrading its main settlement system, called the Central Moneymarkets Unit (CMU), to run on blockchain technology by the end of this year.

The upgraded platform will enable real-time settlement of digital Hong Kong dollars and central bank digital currencies (CBDCs). The HKMA will also study whether tokenized deposits and regulated stablecoins can settle directly on the CMU.

Meanwhile, the SFC is working on new licensing rules for digital assets. In the long term, the regulator plans to establish a regulatory framework for tokenized investment products that cover tokenized gold and other real-world assets (RWAs).