Hong Kong puts assets in its tokenized retail investment products at HK$10.3 billion

A regulated market now measured in figures

Hong Kong provided a precise snapshot of its regulated tokenized investment-product market on November 4. In a reply to the Legislative Council, Acting Secretary for Financial Services and the Treasury Joseph Chan said that, at the end of September 2026, the Securities and Futures Commission had authorized 17 retail products with a tokenized component. Assets under management in their tokenized classes totaled about HK$10.3 billion. This is a point-in-time asset figure, not a measure of every transaction or of all tokenized assets in the territory.

The total includes 13 tokenized money market funds, one tokenized gold investment product, two gold ETFs with tokenized classes, and one covered-call ETF with a tokenized class. That composition shows why the HK$10.3 billion figure does not represent 17 instruments recorded entirely on a blockchain: some conventional products offer only a tokenized class. The government did not provide a product-by-product breakdown of the assets in this reply.

Two funds have opened continuous secondary trading

An additional operational step was taken on October 26. Two authorized tokenized money market funds began trading continuously, 24 hours a day and seven days a week, on licensed virtual-asset platforms. This access concerns their secondary market within a licensed framework; it does not mean that all 17 products trade continuously or that their underlying assets are priced without interruption. Actual liquidity, bid-ask spreads and settlement times will have to be observed over time.

The framework is still due to expand. The government aims to introduce a bill before the end of 2026 to extend the regime for trading platforms to virtual-asset dealing, advisory, management and custody services. Hong Kong also issued two stablecoin issuer licenses in April. In September, its fourth digital green bond issuance amounted to about HK$20 billion. These initiatives sit under separate regimes, however, and should not be added to the HK$10.3 billion asset figure.

Commercial pilots, with several proofs still to come

Cyberport’s pilot program adds another layer. Nine projects had received subsidies and tokenized about HK$230 million in assets by the end of June; six had already been commercialized. Applications reopened on November 2. The government also says that more than 320 companies had joined skills-development activities and that courses had recorded more than 7,000 enrollments by the end of September. Those volumes describe program activity but do not, by themselves, demonstrate profitable or lasting adoption.

The next useful evidence will be the bill’s detailed text, licenses actually granted under the new regimes and market data from the two continuously accessible funds. The government says international platforms will be able to apply if they meet local statutory and regulatory requirements. As of November 5 in Paris, the established fact therefore remains limited: Hong Kong counts 17 tokenized retail products or products with tokenized classes, with about HK$10.3 billion in assets in those classes, while the regulatory expansion is still being prepared.