Proposal · Applies to Banks, Listed issuers, Fund managers
At the Treasury Markets Summit, HKMA Chief Executive Eddie Yue said CMU OmniClear is building a digital asset platform for 24-hour, on-chain atomic settlement that will support settlement against central bank digital currencies and explore integration with tokenised deposits and regulated stablecoins. He said the HKMA will test tokenised Exchange Fund Bills and support regular government digital bond issuance, and that half the world's digital bonds by volume in the first half of 2026 were issued in Hong Kong.
Why it matters: The HKMA's own securities depository, not a private platform, is being set up as the settlement layer for Hong Kong's digital bonds, with stablecoins on the list of settlement assets it may accept.
Proposal · Applies to Banks, VASPs, Stablecoin issuers, Fund managers
The 2026 Policy Address commits the government to promote trading of regulated stablecoins on licensed virtual asset trading platforms and their use in settling tokenised money market funds. The HKMA will test tokenised Exchange Fund Bills and plans CBDC settlement and 24/7 operation under EnsembleTX by around the end of 2026, and CMU OmniClear will set up a digital asset platform for digital bonds this year. The SFC will extend its tokenised product framework to gold and other real-world assets and start digital-asset custody surveillance in the second half of 2026.
Why it matters: Hong Kong now has two tracks for tokenised money, licensed stablecoins on public chains and HKMA-run rails for deposits and CBDC, and the address backs both.
For Ethereum: Hong Kong's first live licensed stablecoin, HKDAP, is an ERC-20 on Ethereum mainnet, so stablecoin settlement of tokenised funds would, on current issuance, run on Ethereum.
In force · Applies to Listed issuers, Brokers, Banks
SEBI and the RBI launched Demat 2.0, a pilot in which corporate bonds are issued as tokens on a distributed ledger owned by the depositories, with settlement in wholesale CBDC through the RBI's Unified Markets Interface. REC, L&T and IIFL issued tokenised bonds worth Rs 1,025 crore in total between 7 and 9 September 2026. Later phases will add secondary trading on request-for-quote platforms and retail access.
Why it matters: India put tokenised bonds inside its existing depositories instead of beside them, which is the fastest route to scale and the least open one.
FIU-IND issued notices under section 13 of the Prevention of Money Laundering Act to 15 crypto service providers operating in India without registering as reporting entities. It also issued takedown notices under the Information Technology Act for their apps and websites. The list includes exchanges such as Weex, Blofin, XT.com and WhiteBIT, and swap services such as ChangeNow, SimpleSwap and FixedFloat.
Why it matters: FIU-IND now names swap services alongside exchanges, which widens the practical reach of India's registration requirement.
For Ethereum: Instant swap services that exchange one token for another count as crypto service providers in India and must register, even without an Indian presence.
Proposal · Comments close · Applies to Stablecoin issuers, VASPs
MAS published draft amendments to the Payment Services Act to create a stablecoin issuance licence for single-currency stablecoins pegged to the Singapore dollar or a G10 currency. The draft also proposes a ban on paying interest, joint issuance with foreign issuers, recognition of some foreign-regulated stablecoins, and powers to designate and restrict systemic stablecoins. Comments close on 16 October 2026.
Why it matters: Singapore is turning a 2023 policy into law and adding powers over stablecoins it does not license, which is where the real market is.
For Ethereum: Licensed issuers would need the technical ability to trace, freeze and burn their stablecoins on-chain; MAS is also weighing, but not yet proposing, limits on unhosted wallets.
The RBI's annual report for 2025-26 records that certificates of deposit were the first instrument issued in tokenised form on its Unified Markets Interface, settled in wholesale CBDC. It also reports programmable CBDC pilots in government subsidy payments, offline CBDC testing and expanded wholesale pilots. For 2026-27 the RBI plans more tokenisation pilots and bilateral cross-border CBDC pilots.
Why it matters: The RBI is building its own tokenisation rails and settlement asset, which makes wholesale CBDC, not stablecoins, India's answer to on-chain money.
The HKMA updated its expected standards for banks and their subsidiaries that hold digital assets for clients, covering crypto, tokenised securities and other tokenised assets. The guidance sets out governance, segregation, key management, cold wallet controls, monitoring and staking requirements. It asks banks to apply extra caution to permissionless tokens on public permissionless networks.
Why it matters: The HKMA's custody guidance now names public permissionless chains as a distinct, higher risk, which will shape how banks price and structure custody on them.
For Ethereum: Banks must treat permissionless tokens on public permissionless networks as higher risk, and the guidance says permissioned tokens may allow recovery of lost assets.
Final · Applies to VASPs, Brokers, Banks, Stablecoin issuers, Retail
The SFC and HKMA issued parallel circulars for platforms, brokers and banks dealing in stablecoins issued by HKMA-licensed issuers. These stablecoins are exempt from the token liquidity and index tests, the crypto knowledge test for stablecoin-only clients, and client exposure limits. Intermediaries may also partner with the licensed issuer directly and custody clients' stablecoins with it.
Why it matters: Hong Kong now treats a licensed stablecoin as a payment instrument for distribution purposes, which is what issuers need for retail reach.
The SFC reissued its circular on authorised funds with more than 10% of net asset value in crypto assets, replacing the April 2025 version. The revision takes stablecoins from HKMA-licensed issuers and tokenised deposits out of scope. The circular keeps the existing rules on eligible tokens, custody, valuation and staking.
Why it matters: A fund holding licensed stablecoins or tokenised deposits is no longer a crypto fund in Hong Kong, which clears the path for tokenised cash products.
For Ethereum: Authorised crypto funds may stake, through licensed platforms or banks, with prior SFC approval.
The FSTB and SFC published consultation conclusions confirming separate licensing regimes for virtual asset advisory and virtual asset management service providers, modelled on securities advising and asset management licences. There will be no de minimis threshold for crypto asset management. A bill covering these regimes and the earlier dealing and custody regimes is targeted for the Legislative Council in 2026.
Why it matters: Any Hong Kong manager touching crypto, even a sliver of a portfolio, will need a crypto licence, which ends the 10% threshold that let most managers stay out.
For Ethereum: The conclusions confirm that SFC-authorised crypto funds may keep staking and that private funds will not be restricted from staking.
Final · Applies to Fund managers, VASPs, Brokers, Retail
The SFC set requirements for trading tokenised SFC-authorised investment products on licensed virtual asset trading platforms, including by retail investors. It revised its 2023 tokenisation circular at the same time. The rules are written mainly for open-ended funds and cover fair pricing, market making, disclosure and the link between primary dealing and on-platform trading.
Why it matters: Tokenised funds in Hong Kong now have a trading venue, which is the missing piece that kept them a subscription-and-redemption product.
For Ethereum: Tokenised funds may still only use a public permissionless chain with extra controls, such as a permissioned token.
Proposal · Comments close · Effective · Applies to Banks
MAS proposes that banks may treat cryptoassets on permissionless blockchains as Group 1, the lower-capital category, if they meet principle-based requirements on governance, technology, settlement finality and AML. Deeming provisions give a safe harbour, including issuer powers to freeze or correct transactions and whitelisting of holders. The treatment is available from publication, subject to exposure and issuance caps, while MAS consults.
Why it matters: MAS is breaking from the Basel default that a permissionless chain means Group 2 capital, and banks can use the new treatment now.
For Ethereum: Tokenised deposits, bonds or stablecoins issued by a bank on Ethereum or an Ethereum L2 can qualify for Group 1 if the issuer keeps freeze, correction and whitelisting controls.
In force · Effective · Applies to Stablecoin issuers, Banks
The HKMA granted stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, effective the same day. Both plan to launch within a few months. They are the first licences since the Ordinance took effect on 1 August 2025.
Why it matters: Hong Kong's first licensed stablecoins will come from banks, which sets the tone for who the regime is built for.
The SFC issued two circulars and a framework on the same day. Brokers that already offer securities margin financing may now lend to those clients for crypto trading and route orders to shared order books. Licensed trading platforms may let an affiliated company make markets on their platforms, and may propose perpetual contracts for professional investors.
Why it matters: Hong Kong is adding leverage and liquidity in steps, each tied to the securities rulebook, and the first step is narrow.
For Ethereum: Ether is one of only two tokens a broker may accept as collateral for crypto financing, at a haircut of at least 60%.
The Finance Bill, 2026 proposes penalties for reporting entities that fail to file, or file inaccurate, statements on crypto-asset transactions under section 509 of the Income-tax Act, 2025: Rs 200 a day for non-filing and Rs 50,000 for inaccurate information not corrected. It also decriminalises failure to pay TDS on crypto transfers made wholly in kind. The 30% tax and 1% TDS on crypto are unchanged.
Why it matters: India's crypto policy keeps moving through tax administration, not market regulation, and this Budget made the reporting side enforceable.
FIU-IND issued updated AML, counter-terrorist financing and counter-proliferation financing guidelines for virtual digital asset service providers, replacing its March 2023 guidelines. The guidelines cover registration, governance, customer due diligence, transaction monitoring, the travel rule, sanctions screening and reporting. They add operational detail such as liveness checks and geolocation at onboarding.
Why it matters: India still has no crypto law, so FIU-IND's AML rulebook remains the only binding framework for exchanges operating in the country.