TL;DR:
- The Hong Kong Monetary Authority (HKMA) plans to upgrade its CMU debt settlement platform before the end of 2026 to enable 24-hour, real-time on-chain operations.
- The Securities and Futures Commission (SFC) is developing a specific regulatory framework for real-world assets (RWA), initially focusing on tokenized gold.
- The circulation of the HKDAP stablecoin, issued under an HKMA license granted in April 2026, recorded a volume of 522,000 tokens as of August 19, 2026.
Hong Kong regulators, represented by the HKMA and the SFC, presented their strategies this Wednesday aimed at integrating on-chain stablecoin settlement and overseeing investment products such as tokenized gold.
The entities used the stage at the Treasury Markets Summit to make the announcement. Eddie Yue, Chief Executive of the HKMA, stated that the Central Moneymarkets Unit (CMU) platform will roll out technical upgrades to process blockchain-based debt instrument transactions continuously toward the end of this year.
The modernization of the CMU includes the capacity to operate with a digital Hong Kong dollar and central bank digital currencies (CBDCs). Official reports from the agency indicate that the HKMA is assessing the technical feasibility of having tokenized deposits and regulated stablecoins settle directly through this institutional infrastructure.
Meanwhile, the SFC presented its strategy linked to the region’s first Five-Year Plan and the Chief Executive’s 2026 Policy Address. This roadmap divides measures into short- and medium-term phases with the explicit purpose of tightening the financial connection between mainland China and international markets.
New frameworks for tokenized gold and real-world assets
Data from the SFC indicates that the regulator will establish a specific licensing regime focused on tokenized investment products, initially covering physical gold-backed assets and other real-world assets (RWA).
Additionally, the entity plans to reinforce participant security through the direct supervision of crypto-asset custody services. The SFC will deploy a market monitoring system dubbed CrypTech, designed to detect suspicious transactions and tighten anti-money laundering controls using advanced analytics tools.
In the stablecoin segment, the HKMA granted its first issuance licenses to corporate entities in April 2026, including HSBC and Anchorpoint Financial, a consortium backed by Standard Chartered alongside HKT and Animoca Brands.
Anchorpoint Financial launched the HKDAP token into circulation, convertible at a 1:1 peg with the Hong Kong dollar. Data from the entity confirms that Standard Chartered assumed the role of the primary distributor bank for this asset. The market report highlights that the banking institution plans to utilize this token for settling tokenized money market funds during the fourth quarter of 2026.
In parallel, Hong Kong Exchanges and Clearing (HKEX) is advancing the development of commodity derivatives. Gregory Yu, Head of Markets at the Hong Kong exchange, confirmed plans to launch yuan-denominated gold futures contracts during the first months of next year.
This initiative follows the earlier reactivation of the US dollar-settled gold contract and the pilot-phase deployment of a centralized precious metals clearing system launched in July 2026.
The regulatory timeline anticipates that the SFC will activate the first operational phase of its digital custody supervision system before the close of the second half of 2026, prior to incorporating new algorithmic surveillance modules scheduled for fiscal year 2027.
