According to Odaily Planet Daily, the Hong Kong Monetary Authority has established the Ensemble Project Framework Working Group to promote the development of Hong Kong's tokenization market. The working group is composed of cross-disciplinary industry representatives, including regulators, international organizations, academia, local and multinational banks, major players in the digital asset industry, and technology companies. The working group will promote the formulation of industry standards to support the interoperability between wholesale central bank digital currencies (wCBDCs), tokenized currencies, and tokenized assets.
The working group will also make recommendations on specific topics, initially focusing on establishing mechanisms for tokenized asset trading and smooth interbank settlement of tokenized deposits through wCBDC. In addition, the working group will also help design and build the Ensemble project sandbox, which is scheduled to be launched in the middle of this year, to further study and test tokenized use cases.
