Hong Kong’s financial regulator, the Hong Kong Monetary Authority (HKMA), is set to launch a pilot programme designed to support the fledgling tokenisation market.
The Ensemble project will focus on tokenised deposits initially but will also look at the tokenisation of real world assets.
The regulator also plans to launch a wholesale central bank digital currency (wCBDC) sandbox later this year.
To this end, it is setting up an ‘architecture community’ of local and multinational banks and the members of the digital assets industry in order to develop industry standards.
Project Ensemble comes on the back of a number of pilots run last year, including the transaction and settlement of tokenised assets.
"Project Ensemble will provide fresh impetus to our vibrant financial industry and reinforce our forefront position in tokenised money and assets," said HKMA chief executive Eddie Yue.
"We welcome global talents and industry players to come to Hong Kong and be part of this very exciting tokenisation journey.”
©2024 fundsglobalasia