Hong Kong has formed a working group to “develop standards” for its tokenization market, especially for the use of wholesale central bank digital currency (CBDC).

The Hong Kong Monetary Authority, the region’s de facto central bank, announced on Tuesday that it has established the “Project Ensemble Architecture Community,” aiming to support interoperability among wholesale CBDC, tokenized money and tokenized assets.

“It will make recommendations on specific topics, initially focusing on setting up a mechanism to support seamless interbank settlement of tokenized deposit through wCBDC for tokenized asset transactions,” the HKMA said in the statement.

The working group also plans to facilitate the design and implementation of Project Ensemble, a new wCBDC project the HKMA launched in …