[Hong Kong Policy Address: Promoting the issuance and trading of gold and other RWAs on licensed platforms, testing tokenization of Exchange Fund Bills by year-end] In the 2026 Policy Address, the Hong Kong SAR Government mentioned that the Securities and Futures Commission (SFC) will enhance the virtual asset licensing regime and the regulatory framework for tokenized investment products, promoting the issuance and trading of gold and other suitable RWAs on licensed platforms. Hong Kong also plans to normalize the issuance of digital bonds and explore full lifecycle applications such as settlement, interest distribution, and redemption using digital currencies. The Hong Kong Monetary Authority (HKMA) will conduct tests on the tokenization of Exchange Fund Bills by the end of the year, aiming to assist banks in leveraging the advantages of tokenization technology to efficiently and continuously utilize Exchange Fund Bills with a total value exceeding HK$1.3 trillion. Additionally, the HKMA plans to implement central bank digital currency (CBDC) settlement and 24/7 operations under the 'Ensemble' project (EnsembleTX) around the end of this year and will continue to explore more application scenarios for tokenized deposits.