The Hong Kong Monetary Authority established the Ensemble Project Framework Working Group, initially focusing on tokenized asset transactions

HKMA announced on May 7 the establishment of the Ensemble Project Framework Working Group to work with the industry to establish standards and make recommendations to support the development of the tokenization market in Hong Kong. The working group will promote the development of industry standards to support the interoperability between wholesale-level central bank digital currencies (wCBDCs), tokenized currencies and tokenized assets. The working group will make recommendations on specific issues, initially focusing on establishing a mechanism for tokenized asset transactions to smoothly conduct interbank settlement of tokenized deposits through wCBDCs. The working group will also assist in the design and construction of the Ensemble project sandbox, which is planned to be launched in the middle of this year, to further study and test tokenization use cases.