Chen Haolian: The Hong Kong Securities and Futures Commission is studying secondary market trading rules for tokenized products, with the goal of releasing policy details in the first half of 2026.

ME News report. On April 20 (UTC+8), Chen Haolian, Deputy Director of the Hong Kong Financial Affairs and Treasury Bureau, said at the opening ceremony of the 2026 Hong Kong Web3 Carnival that Hong Kong has developed into Asia’s leading international financial center, ranking third in the Global Financial Centres Index globally and first in Asia, with the fintech sector continuing to hold the top spot worldwide. Hong Kong currently has more than 10 licensed trading platforms, and the Hong Kong Monetary Authority has issued the first batch of 2 stablecoin issuer licenses this month. Hong Kong is actively working with the Securities and Futures Commission to develop a regulatory framework for digital asset trading service providers and custody service providers, with the goal of submitting a draft bill to the Legislative Council in 2026.

Chen Haolian introduced Hong Kong’s Web3 development “LEAP” framework: optimizing legal and regulatory arrangements, expanding the range of tokenized product types, promoting application scenarios and cross-sector collaboration, and developing talent and partners. Hong Kong has made tokenized bond issuance a routine practice. In November 2025, it issued the third batch of tokenized green bonds with a total value of HKD 10 billion, making it the largest scale in the world. Hong Kong already has more than 10 tokenized money market funds recognized by the SFC, and the SFC is studying secondary-market trading rules for tokenized products with the industry, with the policy details expected to be released in the first half of 2026. In August 2024, the HKMA launched the Ensemble project sandbox; in November 2025, it entered a trial phase under the name EnsembleTX, focusing on real-time liquidity management for trading tokenized money market funds. (Source: PANews)