Hong Kong Introduces New Group to Expand Tokenization Market

Hong Kong Introduces New Group to Expand Tokenization Market

The Hong Kong Monetary Authority (HKMA) has launched the Project Ensemble Architecture Community (PEAC) to collaborate with various industry stakeholders in advancing Hong Kong’s tokenization market. This initiative seeks to establish a framework of industry standards aimed at enhancing interoperability among different digital assets, including wholesale Central Bank Digital Currencies (wCBDC), tokenized money, and tokenized […]

From Pilot to Policy: The Accelerated Adoption of Digital Currencies in MENA

From Pilot to Policy: The Accelerated Adoption of Digital Currencies in MENA

A significant focus has been placed on the development of Central Bank Digital Currencies (CBDCs) within the Middle East and North Africa (MENA) region, highlighting the UAE’s strides in digital currency integration. A recent EY report outlined the UAE Central Bank’s ongoing efforts to incorporate the digital Dirham, inviting commercial banks and payment processors to […]

Hong Kong Introduces Stablecoin Issuer Sandbox for Emerging Crypto Businesses

Hong Kong Introduces Stablecoin Issuer Sandbox for Emerging Crypto Businesses

The Hong Kong Monetary Authority (HKMA) has introduced a new initiative for stablecoin issuers, termed the stablecoin issuer sandbox arrangement. This initiative is designed as a communicative bridge between the HKMA and entities interested in the stablecoin market. It aims to set clear regulatory expectations for those issuing fiat-backed stablecoins and offers a platform for […]

Hong Kong’s HKMA Launches Project Ensemble: A Significant Move Towards Tokenized Banking

Hong Kong's HKMA Launches Project Ensemble: A Significant Move Towards Tokenized Banking

The Hong Kong Monetary Authority (HKMA) has unveiled Project Ensemble, a new wholesale central bank digital currency (CBDC) initiative aimed at enhancing interbank settlements through the tokenization of commercial bank money, or tokenized deposits. This project is set to trial in a dedicated wCBDC Sandbox, focusing on the settlement of various tokenization scenarios, including the […]

Hong Kong Advances Digital Yuan and CBDC Initiatives

Hong Kong Advances Digital Yuan and CBDC Initiatives

Hong Kong is actively expanding the reach of the digital yuan while simultaneously advancing its own central bank digital currency (CBDC) initiatives and finalising discussions on stablecoin regulations. The introduction of China’s digital yuan marked a significant milestone in the development of CBDCs globally, drawing considerable attention due to its success and prominence. Recently, it […]

Hong Kong Concludes Initial Phase of CBDC Pilot Program

Hong Kong Concludes Initial Phase of CBDC Pilot Program

Hong Kong’s Monetary Authority has successfully completed the first stage of its experimental Central Bank Digital Currency (CBDC) initiative. The report issued on Monday brings clarity to the progress made, although it leaves the future implementation of e-HKD, the retail iteration of Hong Kong’s CBDC, in ambiguity. The pilot project has brought to light several […]

Asian Games Prompt China to Enhance Digital Yuan Features for Hong Kong Visitors

Asian Games Prompt China to Enhance Digital Yuan Features for Hong Kong Visitors

In the run-up to the Asian Games, China has unveiled two enhancements to its central bank digital currency (CBDC). These changes facilitate Hong Kong travellers to replenish their digital yuan wallets via Hong Kong’s Faster Payment System, as well as through Visa or Mastercard accounts. Although integration efforts between Hong Kong and the digital RMB […]

HKMA: Project mBridge set for minimum viable product by the middle of 2024

HKMA: Project mBridge set for minimum viable product by the middle of 2024

The Hong Kong Monetary Authority (HKMA) has unveiled that the mBridge project is expected to introduce a minimum viable product by the middle of 2024. If mBridge’s implementation is successful, it may pose a challenge to Swift’s leading payment system and could influence similar shifts in payment methods across different regions. Developed in partnership by […]

Hong Kong Aims for Stablecoin Regulatory Clarity by 2024

Hong Kong Aims for Stablecoin Regulatory Clarity by 2024

Hong Kong is deepening its commitment to crafting a stablecoin regulatory framework, as recently shared by local lawmaker Duncan Chiu. Over the last two years, Hong Kong has been engaged in developing guidelines for stablecoins. Early in the previous year, the Hong Kong Monetary Authority (HKMA) released a discussion document on this matter. Fast forward […]

Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO

Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO

Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]