Hong Kong to Establish Tokenization Guidelines as Part of Project Ensemble

The Hong Kong Monetary Authority (HKMA) has revealed the establishment of a specialized community that will encompass representatives from regulatory bodies, local academic institutions, international organizations, banks, technology firms, and companies engaged with digital assets. This group will collaboratively formulate industry standards for asset tokenization as part of Project Ensemble.

The Hong Kong Monetary Authority (HKMA) has disclosed the formation of a dedicated community aimed at fostering collaboration in the development of standards for the tokenization sector in Hong Kong.

The community comprises:

• Hong Kong Monetary Authority (HKMA);
• Securities and Futures Commission of Hong Kong (SFC);
• Innovation Hub of the Bank for International Settlements (BIS) in Hong Kong;
• CBDC Expert Group from local universities;
• Bank of China (Hong Kong);
• Hang Seng Bank;
• HSBC;
• Standard Chartered Hong Kong;
• HashKey Group;
• Ant Digital Technologies;
• Microsoft Hong Kong.

The community will establish industry standards to facilitate interoperability among wholesale central bank digital currencies (wCBDC), tokenized money, and assets. In the initial phase, members will concentrate on devising a mechanism to assist interbank settlement utilizing wCBDCs for tokenized deposits and asset transactions.

The community will build upon the findings of Project Ensemble, a pilot initiative for wCBDC in Hong Kong that commenced in March of this year. All experiments conducted by the community will take place within the Project Ensemble Sandbox.

Previously, the HKMA successfully concluded research on tokenization technology as part of Project Evergreen and also engaged in experiments with SWIFT.

Сообщение Hong Kong to Develop Tokenization Standards Under Project Ensemble появились сначала на CoinsPaid Media.