The Hong Kong Monetary Authority has established the Ensemble Project Framework Working Group to support the development of the tokenized market in Hong Kong.

ChainCatcher news, according to official sources, the Hong Kong Monetary Authority announced today the establishment of the Ensemble Project Framework Working Group, which will work with the industry to establish standards and make recommendations to support the development of the tokenized market in Hong Kong.

It is reported that the working group will promote the formulation of industry standards to support the interoperability between wholesale central bank digital currency (wCBDC), tokenized currency, and tokenized assets. The working group will make recommendations on specific topics, initially focusing on establishing mechanisms for tokenized asset trading, facilitating interbank settlement of tokenized deposits through wCBDC. The working group will also assist in designing and building the Ensemble project sandbox, which is planned to be launched in mid-year, to further research and test tokenization use cases.

In addition, the working group is composed of cross-sector industry representatives, covering regulatory agencies, international organizations, academia, local and multinational banks, major participants in the digital asset industry, and technology companies. Initial members include the Monetary Authority, the Securities and Futures Commission, the Hong Kong Centre under the Innovation Hub of the Bank for International Settlements, the CBDC Expert Group (Note 2), and seven private institutions, namely Bank of China (Hong Kong), Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technology, and Microsoft Hong Kong.

Regarding the composition of the initial members of the working group, the Monetary Authority carefully considered various factors, including members' expertise, relevant experience, capabilities, and innovative thinking in promoting the development of Hong Kong's tokenized market. The Monetary Authority will work closely with the industry and review the size and composition of the working group in a timely manner.