Hong Kong Policy Address: Promoting RWA trading and tokenized government bond testing

The Hong Kong government's 2026 Policy Address outlines plans to refine the virtual asset licensing regime and regulatory framework for tokenized investment products, aiming to facilitate the issuance and trading of gold and other Real World Assets (RWA) on licensed platforms. The Hong Kong Monetary Authority (HKMA) will test the tokenization of Exchange Fund Bills by the end of the year and aims to implement Central Bank Digital Currency (CBDC) settlement under the Ensemble project (EnsembleTX) by year-end.