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FollowingThe Hong Kong Monetary Authority launches quantum computing threat assessment framework
The Hong Kong Monetary Authority (HKMA) has released a framework to assess banks 'ability to respond to quantum computing threats, while Hong Kong is expanding the scope of application of tokenized deposits, digital assets and blockchain settlements.
On Monday, the HKMA released a white paper on quantum readiness and the industry's first quantum readiness index (QPI). The index shows that the industry's overall readiness score is 2.3 out of 10, while the white paper found that about half of the institutions surveyed have not yet formulated a formal post-quantum era plan. The HKMA said its goal is to achieve industry-wide readiness by 2030, when the QPI score will reach 10 points.
This development comes as Hong Kong moves more traditional financial activities to distributed ledgers. Government data shows that since 2023, Hong Kong has issued three batches of tokenized green bonds, totaling approximately HK$16.8 billion (approximately US$2.1 billion); at the same time, the HKMA is promoting tokenized deposits and digital asset settlement through the "Ensemble Project".
The HKMA white paper points out that the core functions of distributed ledger applications and payment networks rely on cryptography, and if these protections are breached, they may face serious interference. The white paper also mentioned that one interviewed institution has completed a proof of concept for applying post-quantum cryptography to distributed ledger connections, and cited the case of HSBC using quantum security technology to transfer tokenized gold on distributed ledgers in 2024.
Hong Kong's tokenization process drives up quantum risk
This quantum initiative follows the HKMA's "FinTech 2030" strategy launched in 2025, which lists tokenization as one of the four strategic pillars of a plan that includes more than 40 initiatives. Regulators said they will accelerate the tokenization of real-world assets (RWA), normalize the issuance of tokenized government bonds, and explore tokenized foreign exchange fund bills, while supporting blockchain settlement with e-HKD, tokenized deposits and regulated stablecoins.
In a speech on February 11, 2026, Hong Kong Financial Secretary Paul Chan said that as of the end of 2025, the amount of digital assets held by Hong Kong banks exceeded HK$14 billion (approximately US$1.785 billion), a year-on-year increase of approximately 180%; Tokenized deposits reached HK$29 billion (approximately US$3.7 billion).
According to the HKMA white paper, a quantum computer capable of running Shoor's algorithm on a large scale may eventually crack the widely used RSA and elliptic curve cryptography. This would allow attackers to decrypt protected data or forge digital signatures used to authorize transactions, verify identities, and establish trust in the financial system.
As replacing embedded cryptographic systems may take years, the HKMA urges banks to start asset counts, risk assessments and migration planning before the machines are put into use.
