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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/hong-kong-advances-in-asset-tokenization-with-industry-collaboration/" data-wpel-link="internal">Hong Kong Advances in Asset Tokenization with Industry Collaboration</a><br></p>
<p class="p1" style="text-align: justify">Hong Kong’s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">financial</a> regulator and central bank, the Hong Kong Monetary Authority (HKMA), is collaborating with the industry to explore asset tokenization. HKMA officially announced on May 7 that it would create a special community consisting of industry representatives and regulators to develop tokenization standards. Named the Project Ensemble Architecture Community, this group aims to oversee and support the development of tokenization projects in Hong Kong.</p> 
<h2 class="p1" style="text-align: justify" id="a-noteworthy-step-in-hong-kong">A Noteworthy Step in Hong Kong</h2> 
<p class="p1" style="text-align: justify">The initiative is also designed to promote and support interoperability among central bank digital currencies (wCBDCs) used among banks and financial institutions. According to the announcement, the community will initially focus on creating a mechanism to support seamless interbank payments of deposits through wCBDCs for tokenized asset transactions.</p> 
<p class="p1" style="text-align: justify">Initially, the Project Ensemble Architecture Community will consist of regulators such as HKMA, the Hong Kong Securities and Futures Commission, the BIS Innovation Hub Hong Kong Center, and the CBDC Expert Group. The private sector is represented by seven members including the Bank of China, Hang Seng Bank, HSBC, Standard Chartered Hong Kong, HashKey Group, Ant Digital Technologies, and Microsoft Hong Kong.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-348756 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/Project-Ensemble-Architecture-Community.jpg" alt="" width="1200" height="675"></p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-rwa-area">What’s Happening in the RWA Area?</h2> 
<p class="p1" style="text-align: justify">Companies and authorities are expected to design and launch Project Ensemble <a href="https://en.coin-turk.com/cardano-fights-secs-accusation-of-being-a-security-ada-and-other-altcoins-face-strong-sell-off/" data-wpel-link="internal">Sandbox</a> by mid-2024 to facilitate further research and testing of tokenization use cases. The community stated:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“The formation of the community is based on a series of careful evaluations including the expertise of the members in contributing to the development of the tokenization market in Hong Kong, their experience and qualifications in relevant fields, and their innovative capabilities. HKMA will work closely with the industry and review the size and structure of the community as appropriate.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">HKMA’s announcement comes a few months after the authority first unveiled Project Ensemble to support the development of the Hong Kong tokenization market.</p> 
<p class="p1" style="text-align: justify">Tokenization involves the process of issuing a representation of real-world <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investment</a> products like fiat currencies, equity, commodities, real estate, and others in the crypto space. As <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> seek new ways to diversify their portfolios, blockchain-based real-world asset (RWA) tokenization has emerged as one of the key trends for 2024. According to some estimates, RWA tokenization could potentially revolutionize many sectors and turn into a $16 trillion market by 2030.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/hong-kong-advances-in-asset-tokenization-with-industry-collaboration/" data-wpel-link="internal">Hong Kong Advances in Asset Tokenization with Industry Collaboration</a></h5>

Hong Kong Advances in Asset Tokenization with Industry Collaboration

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