The Hong Kong Monetary Authority establishes a dedicated working group to promote the development of the tokenized market

The Hong Kong Monetary Authority (HKMA) announced today (May 7) the establishment of the "Ensemble Project Architecture Working Group", which aims to cooperate with the industry to jointly develop standards and recommendations to support the development of the tokenization market in Hong Kong.

Form a cross-disciplinary working group to promote interoperability standards

The newly established working group of the Hong Kong Monetary Authority will be committed to promoting the development of industry standards, especially at the wholesale level central bank digital currency (wCBDC), proxy Interoperability between tokenized currencies and tokenized assets. The initial focus of this strategy will be on establishing mechanisms for trading tokenized assets and facilitating tokenized deposit swaps between banks through wCBDC.

Initial focus on establishment and settlement mechanism

The working group’s initial tasks include establishing an effective mechanism for tokenized asset transactions and exploring inter-bank settlement through wCBDC. In addition, the team will assist in the design and construction of the "Ensemble Project Sandbox" expected to be launched in the middle of this year to further research and test tokenization application scenarios.

Member composition and professional background

The working group brings together industry representatives from regulatory agencies, international organizations, academia, local and multinational banks, the digital asset industry and technology companies. Among them, the initial members include the Hong Kong Monetary Authority, the Securities and Futures Commission, the Hong Kong Center under the Bank for International Settlements Innovation Hub, the CBDC Expert Group and seven private institutions, such as Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technology and Microsoft Hong Kong, etc.

The HKMA stated that it will carefully consider the professional knowledge, experience and innovative capabilities of the members of the working group to ensure that it can promote the development of Hong Kong’s tokenized market. The HKMA will also continue to work closely with the industry to review and adjust the size and composition of the working group in a timely manner to meet the needs of market development.

The above is the detailed content of The Hong Kong Monetary Authority establishes a dedicated working group to promote the development of the tokenized market. For more information, please follow other related articles on the PHP Chinese website!