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Following香港发布2026年政策纲领：扩大稳定币交易、推进现实资产代币化及数字债券基础设施
香港特区政府在9月16日发布的政策文件中宣布，将作为2026年政策纲领的一部分，全面扩展受监管的稳定币交易、现实世界资产（RWA）代币化以及数字债券基础设施。同时，政府正着手在年底前通过“EnsembleTX”系统准备全天候的央行数字货币（CBDC）结算服务。
核心规划要点
- 虚拟资产交易与结算： 香港计划允许受监管的稳定币在持牌虚拟资产平台上进行交易，并用于结算代币化的货币市场基金。
- 证券及期货事务监察委员会（SFC）规则扩展： SFC将修订规则，支持在持牌平台上发行和交易代币化黄金及其他适合的现实世界资产。
- 香港金融管理局（HKMA）举措： 预计于2026年底前后，在“EnsembleTX”框架下引入央行数字货币结算及24小时运营机制。
- 加强监管体系： 数字资产托管监控将于2026年下半年启动，随后在2027年扩大市场监控及反洗钱监控范围。
深化虚拟资产监管与稳定币应用
上述措施旨在通过数字化和代币化手段发展香港的金融市场，涵盖稳定币、数字债券、代币化存款、批发型央行数字货币结算以及数字资产托管监控等多个领域。证券及期货事务监察委员会（SFC）将增强虚拟资产发牌规则，并为虚拟资产服务提供商制定具体的监管指引。
监管机构计划完善代币化投资产品的规则，使黄金及其他适合的现实世界资产能够在持牌平台上以代币形式发行和交易。此前，香港已建立受监管发行人框架，并于今年早些时候发放了首批牌照。渣打银行支持的Anchorpoint Financial是其中一家持牌发行人，其推出的港元挂钩稳定币HKDAP已于8月向机构分销商和专业投资者开放Beta版测试。
初期功能支持跨境支付、法币兑换以及涉及代币化现实世界资产的结算，HashKey Exchange已成为其授权分销合作伙伴。同年稍晚时候，渣打银行成为HKDAP的首家银行分销商，为符合条件的机构客户和合作伙伴提供该受监管代币的访问权限。渣打银行表示，计划在2026年第四季度推出针对代币化货币市场基金的认购和结算服务。新的政策纲领进一步明确了方向，即通过持牌虚拟资产交易平台进行受监管稳定币的交易，并用于相关基金的结算。
推动现实资产代币化与数字债券发展
代币化是香港金融市场规划的另一重要组成部分。预计SFC将改善代币化投资产品的监管框架，促进代币化黄金及其他合适现实世界资产在持牌平台上的发行与交易，同时为新产品的开发预留空间。
早在2025年的第二份数字资产政策声明中，香港就已确立了涵盖交易所、稳定币发行人、交易商和托管人的监管路径，其中包括支持现实世界资产代币化以及审查代币化金融工具所需的法律变更。目前，数字债券已成为香港代币化活动的重要组成部分。据政策文件显示，2025年至2026年上半年期间，在香港发行的数字债券占全球市场的近50%。
今年6月，香港按揭贷款有限公司定价发行了一只面值120亿港元的数字债券（约合15亿美元）。该行称这是全球最大的已完成代币化债券发行，订单总额约达240亿港元，来自超过100个机构账户。政府现计划规范数字债券的发行，并探索在整个债券生命周期中使用数字货币，包括结算、股息支付和赎回等环节。
In addition, it is expected that the tokenization test of Exchange Fund Bills will be carried out before the end of 2026. Authorities are examining the all-weather application potential of tokenization for bank asset-liability management, a project that may use Exchange Fund Notes worth more than HK$1.3 trillion. The "Tokenized Bond Expert Group", which includes JPMorgan Securities, HSBC, Standard Chartered Bank, UBS, Ant Digital and HashKey Group, will cooperate with the Financial Affairs and Treasury Bureau to conduct the second phase of the legal review and explore the application of distributed ledger technology in capital markets. The group was established at the beginning of this year on the basis that Hong Kong has issued a cumulative total of more than HK$6.8 billion in tokenized government bonds through multiple issues. CMU OmniClear Limited expects to establish a digital asset platform in 2026 to provide services covering digital bond issuance and settlement.
EnsembleTX targets round-the-clock central bank digital currency settlement
The Hong Kong Monetary Authority (HKMA) is building another part of its settlement infrastructure around tokenized finance. The HKMA plans to implement central bank digital currency settlement and 24-hour operations under "EnsembleTX" around the end of 2026, and continues to explore more application scenarios for tokenized deposits.
Previous government plans have included "EnsembleTX" in the scope of Hong Kong's wholesale central bank's digital currency infrastructure and tokenized deposits. The 2026 - 2027 budget points out that the authorities are simultaneously developing digital asset supervision, focusing on tokenized bonds, stablecoins and market infrastructure. The government intends to combine the expansion of these markets with stricter surveillance.
According to the policy document, the Securities and Futures Commission (SFC) is expected to start operating the digital asset custody and monitoring system in the second half of 2026. Its CrypTech initiative is expected to activate big data market monitoring and anti-money laundering monitoring components in 2027. At the same time, the HKMA has also launched the "Quantum Preparedness Index" to guide financial institutions in preparing when advances in quantum computing bring about the need for cryptographic system upgrades.
