Hong Kong’s tokenization push just gained a shared operating standard. On August 5, 2026, FORMS HK, Chainlink, Apex Group, CSpro, and Blockchain Valley@Cyberport launched the Tokenized Securities Framework. The partners call it TSF, and it covers the full lifecycle of a tokenized security. Issuance, distribution, and settlement all sit inside one architecture. Importantly, the group built TSF for Hong Kong’s existing regulatory perimeter rather than around it.
That distinction matters. Most tokenization headlines describe a single pilot between two firms. TSF instead assembles five layers of market plumbing under one reference model. As a result, an issuer can move from structuring to secondary market operations without stitching together vendors.
NEW HONG KONG TOKENIZED SECURITIES FRAMEWORK POWERED BY CHAINLINK 🇭🇰
— Chainlink (@chainlink) August 5, 2026
The new Tokenized Securities Framework (TSF) provides the institutional infrastructure needed to unlock issuance, distribution, & settlement of tokenized securities in Hong Kong, standardizing the full asset… pic.twitter.com/yN8IHmpww9
Hong Kong Gets a Shared Standard for Tokenized Securities
TSF functions as digital financial market infrastructure, not a product. It standardizes the entire path of a Tokenized Securities Offering, from initial structuring through ongoing lifecycle operations. The framework builds on the ERC-3643 permissioned token standard, which embeds compliance controls at the asset layer itself. Consequently, investor eligibility rules travel with the token instead of living in a separate database. A platform layer called TS Connect handles execution and distribution across participants.
The design solves a specific problem in regulated markets. Traditional securities carry restrictions on who may hold them and where they may trade. Public blockchains, by contrast, treat every wallet identically by default. TSF closes that gap by encoding transfer restrictions directly into the token contract. Therefore, a tokenized bond can move onchain while still respecting Securities and Futures Ordinance requirements.
Five Partners Cover Five Layers of the Stack
Each participant owns a distinct piece of the framework. FORMS HK handles infrastructure orchestration and banking system integration. The firm connects TSF to core banking rails and regulated settlement processes, which matters because Hong Kong banks will not abandon existing systems. Apex Group contributes tokenization enablement and asset servicing through its Apex Digital arm. Its remit covers institutional structuring, fund administration, and lifecycle management.
CSpro anchors the regulated front door. The company holds an SFC Type 1 license for dealing in securities and specializes in tokenized securities offerings. Accordingly, it manages asset origination and investor access through licensed intermediaries. Blockchain Valley@Cyberport supplies the ecosystem layer, connecting startups, financial institutions, and technologists around real deployments. Chainlink, meanwhile, provides the oracle and compliance infrastructure that ties the pieces together.
Executives framed the launch around integration rather than novelty. Alex Chan, CEO of FORMS HK, said advancing digital assets requires integration with existing financial systems. Samson Lee, CEO of Coinstreet and CSpro, pointed to trust as the foundation of capital markets. Vince Turcotte, Director at Apex Digital APAC, highlighted proven tokenization technology paired with digital transfer agency and fund servicing.
Chainlink Supplies the Compliance and Interoperability Rails
Two Chainlink products sit at the center of TSF. The first is the Cross-Chain Interoperability Protocol, which moves tokenized assets securely between blockchains. Institutions often issue on permissioned chains while seeking liquidity on public ones. CCIP lets a single asset exist across both without fragmenting its state or its controls.
The second is the Automated Compliance Engine, or ACE, which Chainlink launched in June 2025. ACE handles policy enforcement and identity management through three components. A Compliance Manager enforces transaction rules, an Identity Manager verifies participants, and cross-chain token standards preserve those rules during transfers. Notably, Chainlink developed ACE alongside Apex Group, GLEIF, and the ERC-3643 Association. Niki Ariyasinghe, VP for Asia Pacific and Middle East at Chainlink Labs, tied the framework to reliable data, interoperability, and cross-jurisdictional compliance.
Chainlink has already run this stack in Hong Kong. Under the HKMA e-HKD+ program, CCIP and ACE enabled an exchange between ANZ Bank’s A$DC stablecoin and the e-HKD+ pilot CBDC. That transaction then funded a purchase of a Fidelity International tokenized fund.
The Regulatory Window Hong Kong Just Opened
TSF arrives during a fast-moving stretch of Hong Kong policy. The SFC’s November 2023 circular established a see-through approach to tokenized securities. Under that rule, regulators look past the token to the underlying instrument and apply existing securities law. The guiding principle became “same business, same risks, same rules.”
Momentum accelerated this year. On April 20, 2026, the SFC launched a framework for secondary trading of tokenised SFC-authorised investment products. The regime lets these products trade on SFC-licensed virtual asset trading platforms, opening access beyond professional investors. Crucially, it permits regulated stablecoins and tokenized deposits to settle trades around the clock. Trading can therefore continue on evenings and weekends, outside traditional market hours.
The numbers explain the urgency. As of March 2026, 13 tokenized products were publicly offered in Hong Kong. Assets under management in their tokenized share classes reached roughly $10.7 billion, a sevenfold jump in one year. Hong Kong has also issued about $2 billion in tokenized government bonds. Additionally, the Stablecoins Ordinance licensing regime and the government’s LEAP framework from Policy Statement 2.0 give issuers a clearer legal path.
Blockchain Valley@Cyberport Anchors the Ecosystem
The Cyberport connection separates TSF from a purely commercial venture. FORMS HK and Cyberport signed an MoU in November 2025 to launch Blockchain Valley@Cyberport, a co-creation center for digital assets and real-world asset innovation. Cyberport is a Hong Kong SAR Government-owned technology flagship and a major fintech cluster. The partners committed roughly US$100 million over three years to the initiative.
Their targets are concrete. The program aims to scale at least five startups toward unicorn status and train more than 200 local blockchain professionals. Barry Chan, representing Blockchain Valley@Cyberport, described the hub as a meeting point for Web3 firms, fintechs, and financial institutions. That government affiliation gives TSF policy proximity that private consortia rarely achieve.
What Comes Next
The partners plan a staged rollout rather than an immediate production launch. Deployment will run through sandbox environments, pilot transactions, and interoperability testing. That approach mirrors how Hong Kong regulators have handled tokenization generally, favoring controlled expansion over broad approval. The framework’s public home sits at tsf.hk for issuers and intermediaries evaluating participation.
Several questions remain open. Neither the announcement nor the framework site names the first live issuances or the target asset classes. Adoption will ultimately depend on whether banks and asset managers route real deals through TS Connect. Still, the combination of licensed distribution, institutional servicing, and encoded compliance addresses the objections that stalled earlier security token efforts. Watch for the first pilot transactions to reveal whether TSF becomes market infrastructure or another well-designed reference architecture.
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