HKMA Forms “Project Ensemble Architecture Community” to Shape Tokenization Standards

In
order
to
make
a
substantial
contribution
to
the
development
of
the
tokenization
market
in
Hong
Kong,
the
Hong
Kong
Monetary
Authority
(HKMA)
has
established
the “Project
Ensemble
Architecture
Community.”
Through
the
development
of
industry
standards
and
the
promotion
of
interoperability
across
tokenized
assets
and
wholesale
central
bank
digital
currencies
(wCBDCs),
this
group
intends
to
accomplish
its
goals.
With
the
creation
of
a
framework
for
the
smooth
interbank
settlement
of
tokenized
deposits,
the
Hong
Kong
Monetary
Authority
(HKMA)
aims
to
allow
transactions
using
tokenized
assets
that
are
both
efficient
and
safe.

In
the
Project
Ensemble
Architecture
Community,
the
following
are
the
objectives:

Establishing
industry
standards:
The
community
will
work
towards
the
establishment
of
a
set
of
industry
standards
in
order
to
promote
interoperability
across
wholesale
CBDCs,
tokenized
money,
and
tokenized
assets.

Seamless
interbank
settlement:
The
community
will
concentrate
on
establishing
a
system
to
facilitate
seamless
interbank
settlement
of
tokenized
deposits
via
wCBDC
for
tokenized
asset
transactions.
This
will
be
the
primary
emphasis
of
the
community.

Research
and
testing:
The
community
will
provide
assistance
in
the
design
and
implementation
of
the
Project
Ensemble
Sandbox,
which
will
make
it
easier
to
do
more
research
and
testing
of
tokenization
use
cases.

Communities
are
made
up
of
the
following:

Diverse
representations
include:
There
is
a
wide
range
of
industry
representatives
that
are
members
of
the
Project
Ensemble
Architecture
Community.
These
representatives
include
regulators,
international
organisations,
academic
institutions,
local
and
global
banks,
significant
actors
in
the
digital
asset
business,
and
technological
firms.

The
initial
members
of
the
community
include
the
Hong
Kong
Monetary
Authority
(HKMA),
the
Securities
and
Futures
Commission,
the
BIS
Innovation
Hub
Hong
Kong
Centre,
the
CBDC
Expert
Group,
and
seven
members
from
the
private
sector.
These
members
include
the
Bank
of
China
(Hong
Kong),
Hang
Seng
Bank,
HSBC,
Standard
Chartered
Hong
Kong,
HashKey
Group,
Ant
Digital
Technologies,
and
Microsoft
Hong
Kong.

Evaluation
of
the
community’s
size
and
composition
The
Hong
Kong
Metropolitan
Authority
(HKMA)
will
work
closely
with
the
industry
to
conduct
an
evaluation
of
the
community’s
size
and
makeup,
as
judged
suitable.

Image
source:
Shutterstock

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