Regulators like HKMA and SFC united with local private sector firms like HSBC and HashKey to support the market of tokenization in Hong Kong.
The Hong Kong Monetary Authority (HKMA), the financial regulator and central bank of Hong Kong, is collaborating with the industry to explore asset tokenization.
HKMA officially announced on May 7 that it will form a special community comprising industry representatives and regulators to develop tokenization standards.
Called “Project Ensemble Architecture Community,” the community aims to supervise and support the development of tokenization projects in Hong Kong.