The Hong Kong Monetary Authority (HKMA) announced the creation of a dedicated community that will include representatives from regulators, local universities, international organizations and banks, tech companies, and firms working with digital assets. Together, they’ll develop industry asset tokenization standards under Project Ensemble.

Hong Kong to Create Asset Tokenization Standards

The Hong Kong Monetary Authority (HKMA) announced the creation of a dedicated community to facilitate collaboration in developing standards for the tokenization market in Hong Kong. 

The community includes:

  • Hong Kong Monetary Authority (HKMA);
  • Securities and Futures Commission of Hong Kong (SFC);
  • Innovation Hub of the Bank for International Settlements (BIS) in Hong Kong;
  • CBDC Expert Group consisting of local universities;
  • Bank of China (Hong Kong);
  • Hang Seng Bank;
  • HSBC;
  • Standard Chartered Hong Kong;
  • HashKey Group;
  • Ant Digital Technologies;
  • Microsoft Hong Kong.  

The community will develop industry standards to enable interoperability between wholesale central bank digital currencies (wCBDC), tokenized money, and assets. In the first phase, community members will focus on creating a mechanism to support interbank settlement using wCBDCs for tokenized deposits and tokenized asset transactions.

The community will build on the results of Project Ensemble, a Hong Kong wCBDC pilot project launched in March this year. All community experiments will be conducted within Project Ensemble Sandbox.

Earlier, the HKMA successfully completed the research on tokenization technology within Project Evergreen and also participated in SWIFT experiments.

Author: Nataly Antonenko
#CBDC #News #Token