Hong Kong has formed a working group to “develop standards” for its tokenization market, especially for the use of wholesale central bank digital currency .
“It will make recommendations on specific topics, initially focusing on setting up a mechanism to support seamless interbank settlement of tokenized deposit through wCBDC for tokenized asset transactions,” the HKMA said in the statement. Participants of the “Architecture Community” include the HKMA, the Securities and Futures Commission, the BIS Innovation Hub Hong Kong Centre, the CBDC Expert Group and seven members from the private sector — namely Bank of China , Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technologies and Microsoft Hong Kong.
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